Monitoring is basically another word for surveillance and can often be used in many different contexts and situations. The word monitoring is often used in more legal contexts, where it is often another word for "following" or "keeping an eye on".
In this article, we focus on customer monitoring - and what you get out of monitoring them as a business.
Monitoring customers
Many larger companies and organizations choose to monitor their customers - and with good reason.
Because by continuously following your customers, you often have a better overview of your customers, their financial situation - and always have basic information up to date.
"What do companies monitor?" Basically, there is almost no information that companies cannot monitor about their customers - but the vast majority of companies choose to monitor:
- Company details (Name, address, phone number)
- Public accounting information
- Updates in the ownership group
- Credit recommendations
- Credit maximum
- Press coverage
- Company status (active, in bankruptcy, etc.)
- Ved løbende at monitorere dine kunders generalia sikrer du dig, at du altid har de rigtige oplysninger på dine kunder – og dermed altid kan sende dine produkter og fakturaer til den rette adresse – og til det rigtige firmanavn.
By monitoring credit recommendations, public accounting information and company status, it gives you as a business an insight into your customer's financial situation - which you can use in your credit policy.
For example, if a customer changes credit status, gets a bad credit rating or has poor financial figures since they last did business with you, is it a good idea to provide the same credit as the last time they did business with you?
The answer, of course, lies in the company's own policies in this area, but the theoretical answer is obviously no.
Why continuous credit monitoring?
Many companies have become good at making credit assessments and pulling public accounting information on their customers when establishing the relationship with the customer.
But few (small) businesses are good at continuously monitoring their customers - and that's a shame. Because ongoing monitoring should be based on the assumption that your customers' financial situation and other conditions are constantly changing - and may even have changed for the worse compared to when they first bought goods from you.
And it doesn't just have to be your customer's financial situation that has changed - it can also be their generalia - and you don't want to send your goods or invoices to the wrong address, do you?
With continuous monitoring of your customers' master data and financial situation, you can continuously adapt your credit policy and always have an up-to-date CRMand ERP system.
In other words, there can be great financial and practical benefits in continuously monitoring your customers and their master data.
Qatchr can help your business with credit monitoring
At Qatchr, we specialize in helping companies monitor their customers - whether they are private or business customers.
Monitoring can be done in many ways - and based on the customer's wishes. For example, you can monitor at fixed time intervals - or manually.
Our platform also allows you to combine your monitoring with credit checks and credit recommendations of your customers - and thus help reduce bad debt.
Try us today - it's easy to get started.
