Customer Relationship Management (CRM) is a technical jargon which is a blend of methodologies, software and internet, which are used by a company to achieve its goal through the identification and satisfaction of customer’s stated and unstated needs and wants. This software addresses customer life cycle management. This system manages company interactions with current and future customers. It involves technology to organize, automate and synchronize business processes. CRM application is an essential tool for a company to grow and help to increase the satisfaction of customers. There are many benefits of CRM; those make the market environment customer centric. In this paper, we reviewed previous studies and identify those benefits which affect customers and company both. But CRM has many problems also because of them CRM gets failure. Its failure rate is more than its success rate. We also elaborated its failure factors and along with them its critical success factors which help in making CRM a successful project for a company, however implementation of CRM is a complex task.