Customer Relationship Management (CRM) adoption is both a relevant research topic in academia and a challenge for practitioners. We understand CRM as a complex concept that includes technology, strategy and philosophy. In this research, we propose an analysis of CRM organisational dynamic capabilities. The main goal is to apply a dynamic capabilities perspective to analyse how companies can improve their CRM initiatives. In order to achieve this purpose, a qualitative, interpretative, case-based research strategy was implemented. We conducted a case study in a Portuguese telecommunication enterprise for one year. The case study was based on semi-structured interviews and document analysis. We used qualitative techniques to analyse the collected data and ground our interpretation in a dynamic capabilities theoretical approach. We propose a theoretical framework related to CRM dynamic capability that is corroborated with empirical evidence. We believe that because organisations which adopt a CRM strategy are in a competitive environment, a dynamic model needs to be used to analyse and explain how they can improve their CRM strategy in order to achieve success.