To control bad debt exposure and reduce debts and collection costs.
When a customer has recently been acquired, having a clear and independent picture of the subject is essential. Starting from legal data, company structure, financial information, payment habits and, above all, the SkyMinder credit rating and credit opinion, this provides the right perspective on the kind of relationship to establish now and in the future with your business partner.
However, it would be a mistake to consider this first evaluation sufficient to provide adequate knowledge of your customers. Markets change quickly, and even if a customer is well-known, with apparently no reported risks, hidden issues could change the relationship.
This means that SkyMinder information is necessary during the whole relationship: being aware that some company aspects are changing is crucial to avoiding being surprised by unpredictable events, or seizing opportunities of development at an early stage.
Evaluating an existing customer and continuing to monitor performance is a crucial and critical activity to prevent credit risk, avoid bad dedt, preserve profitability and develop potential opportunities.
Monitoringis one of the most important activities, and requires that you know the current performance of your customers very well, as well as company structure, events affecting company history, and potential risk and opportunities. Customers in the portfolio are a very important asset, and so taking care of them is a daily activity.