Naming Best Practices to Maximize Value of Your CMF
Since customers are the single most critical element for any business, the customer master file (CMF) is an essential resource for any organization. However, to effectively fulfill its role as a central database containing all necessary information about each customer, the CMF must be complete and accurate, regularly cleansed and audited, in compliance with regulatory requirements, secure, and—at least to some degree—automated. The CMF must also be easily and reliably accessible to all authorized staff—not only in AR but also across the enterprise.
One fundamental key to maintaining such a top-notch customer master file is to establish naming standards, rules, and guidelines that are adhered to by all staff with access to the CMF. This is essential to guaranteeing the integrity of the CMF and ensuring its accuracy and usefulness.
- Apply consistent naming conventions. One of the simplest way to help ensure accuracy and integrity of the CMF is to establish naming conventions and make sure that everyone responsible for data entry is adequately trained on entering new customers and maintaining established customers.
- Enforce data validation. While AR software packages can contain data validation editing to help ensure the accuracy of data input ...