3 Examples of Transactional Data
3 min read
Transactional data has become accessible through a variety of applications that are a part of our everyday world. Transactional data is information that is captured from transactions, such as the time and place it occurred, the price points of the items bought, the payment method employed, discounts if any, and other quantities and qualities associated with the transaction. These points of access are more prevalent than ever before. Let’s take a look at a few of the examples that may be a part of our daily routines.
Financial Transactional Data
One of the examples of transaction data is in the financial realm and is probably something you see just about everywhere you go for your errands. Automated teller machines, or ATMs, are one of the greatest examples of these operational systems. Monitoring deposits and withdrawals from banks are evaluated with each new transaction, providing a timestamp for the transfer of funds. Having this record is useful for banks and consumers alike in the event of fraud to be able to pinpoint where the incident occurred and freeze transactions under the use of that debit card.
This expands into the insurance world, as transactional solutions are able to closely monitor claims data so that any submissions can be handled in real time. This allows for a quicker turnaround for patients under health insurance to get reimbursed, or for pharmacies to be able to submit to your insurer to discount the price of your medications. This type of data also qualifies for retailers at points of sale. Every time an item is scanned at the counter, the receipt is an example of transactional data with detailed information.
Logistical Transactional Data
From a business operating a supply chain or a purchase order from Amazon, logistical transaction data is a key facet to making sure a transaction record is properly monitored as a log entry. This form of data monitors shipping status, providing real-time updates on the location of a package. This comes with additional information regarding the product, as well as a history order to keep track of any repeat orders through a master record. This underlying data helps companies and customers save time in trying to submit new requests and re-enter information already on file.
By having this sort of cached database, there’s a stronger structure that allows for a quicker turnaround for manufacturers. This leads to minimum support needed to make sure that vendors are delivering raw goods on time to create products that are then shipped out to consumers. This form of transactional data also offers up some insights into the demand that is being experienced. By creating those strong associations, manufacturers can get ahead of orders, or figure out their top-sellers, saving them on resources.
Work-Related Transactional Data
Through work-related transactional data, the inner workings of a company can be handled to keep the back of the house in order. One of the greatest examples of this is in structuring the company payroll. This allows for detailed transaction information with an employee’s bank to make sure that a direct deposit is in the account on the designated pay day. This analytical data makes sure that the right amount of taxes are deducted depending on the employee’s home address, and that any funds for insurance costs or retirement funds are deducted.
These transactional data systems can also be used for employee clock-in and clock-out from the moment they log on to their desktop computer or laptop computer. These analytics help employers to better monitor workflow and understand where there may be downtime to figure out any outstanding issues within a subset of the history of transactions and scheduling. Getting ahead of your analytics in transactional data can make for greater changes for greater ease for customers and companies alike.
