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Go chat with the people over at Electronic Arts who replaced their ATS with Salesforce.com and I know of others (including myself) that are on that path.
It is already happening and will continue to happen as ATS's really add little to the marketing/candidate experience around talent pool development. Some are trying but they are far away from what current CRM....or as I prefer the term will be TRM (Talent Relationship Management) providers like Salesforce, MS CRM, Avature and others have already achieved.
You can't stop progress no matter how hard you try.
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