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Settings -> Data Management -> Imports

There is currently no UPSERT functionality in Dynamics CRM to update an existing record.

For example if you want to update the personal phone number of an existing contact record, you are unable to do so using the Import functionality in Data Management -> Imports

The contact record will appear as a "Failure" with a description "A record was not created or updated because a duplicate of the current record already exists"

Can Microsoft please introduce the ability to update a record in Dynamics CRM when importing data as this will be beneficial especially during bulk data migration
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