CHAPTER 3: CUSTOMER MASTER FILE
3.7 Cycle Time
It is important for customer master file specialists to be aware that time is of the essence. If they take too long to gather, research, and validate the potential customer’s required data, and secure authorization to open the account, the customer may cancel the order. Often, to secure the first order, many companies require a credit card or set up the database with minimal information to start with— adding the rest later. If you do this, however, make absolutely sure not to eliminate the review of the sanctioned/blocked parties list.
3.8 Conclusion
A business is only as strong as its customer base. A good customer master file is expensive and challenging to create and maintain, but the costs and frustrations of not doing so are much higher. It’s much more difficult to win a new customer than to keep an existing one. If the cycle time is too long and the order is lost, it is not just one order that is lost but all the orders over the life of the customer relationship.
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THE ACCOUNTS RECEIVABLE SPECIALIST CERTIFICATION PROGRAM E-TEXTBOOK
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