Final answer:
Customer records provide insights into customer behavior and preferences and are continually updated as living records, helping businesses personalize service and inform strategies.
Step-by-step explanation:
Customer records are essential tools for businesses as they provide valuable insights into customer behavior, preferences, and history with the company. When we say that customer records act as a living record, it means that they are continuously updated and maintained to reflect the latest interactions, transactions, and changes in customer data. This dynamic nature of customer records makes them an asset for personalizing customer service, informing marketing strategies, and enhancing customer relationships.