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Customer Relationship Management (CRM) is increasingly important since the emerging of electronic commerce in the past years. However, most of the current researches that deal with the decision-making problems of CRM system investments are from the perspective of the information technology adoption and organizational innovation. It is still very difficult for enterprises to measure the value of CRM systems and the subsequence decision-making on adoption priority of various CRM functions. Based on the Value-focused thinking and Quality Function Deployment (QFD) process, this paper developed a multi-layered transformation matrix, and proposed a measurement process that can be driven to a quantified value model. In order to verify the effectives and feasibility of the model, twelve CRM experts were interviewed including senior managers in leading management consulting companies, CRM system providers, and market researchers. Following the on-site interview, a questionnaire survey was conducted with 1000 firms in the list of the Common Wealth top 2000 firms of Taiwan. The analysis result based on 188 valid replies indicates that the outcome of the proposed value measure model has significant correlation with the investment intension of CRM systems.