Managing Customer Data
Customers are the single most necessary element to any business, so it is vital to maintain accurate, up-to-date information on every one of them.
The most efficient tool for keeping track of customers is a customer master file, a central database that contains all pertinent information about each customer.
An effective customer master file can contribute to operational excellence by helping a company prevent inaccurate charges, reduce fraud, expand customer knowledge, ensure regulatory compliance, manage revenue sources, track payment histories, and save money. While primarily a tool for the accounts receivable department, which should maintain it and control access to it, a top-notch customer master file is valuable to the whole company. It helps paint a portrait of the firm’s customer base, allowing staff members to identify customer patterns, analyze buying habits, and estimate likelihood to purchase new products, for example, which can be used to enhance sales, marketing, customer service, and product development efforts. A reliable database of customer information can make your company easier to do business with, giving you an advantage in the ever more competitive marketplace.
Setting up a customer file
The file might typically include the following ...