In the US this basically refers to a
due diligence process undertaken by Banks and financial institutions to combat
fraud, identity theft and general scams.
It is however a mantra that most
organisations would do well to adopt.
Rapid advances in technology continue
to transform the way we do business. Everyday business tools would have been
regarded as flights of fancy not so long ago. With the unstoppable rise of
e-commerce come challenges.
One of the biggest dangers is the lack
of personal contact between a company and its customers. Obviously this is not
an issue for online retailers selling product over the net and being paid via a
Debit card or Pay Pal etc.
However the is an increasing trend
for B2B ales to be concluded by email and even SMS. With the loss of the
personal contact the identity and customer relationship suffers.
The surest way to avoid problems is
by knowing your customer and understanding their business.
This relationship and mutual
understanding cannot be achieved via a key pad and electronic ordering system.
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