In these uncertain times, businesses are having to deal with a shaky economy as well as keeping up with a fast-moving digital revolution. Every business can overcome the struggle to stay afloat and prosper, by making data their greatest asset. Today, data is the invaluable key that not only logs a company’s transactions, but unlocks insights into a future full of limitless possibilities.
In today’s business world, data gained from transactions insights and customer interactions drives every business strategy. Businesses globally are harvesting unprecedented amounts of it, but are they using it effectively to leverage business potential? Data and the resulting analytics through efficient management creates insights into customer behavior and provides a deeper understanding of sales as well as customer spending patterns. No business should be content to save data without putting it to good use through detailed analytics and that doesn’t mean simply creating a summary of transactions or a list of logs at the end of the day.
Data provides a way to get to know customers and what they want so you can add value to your business strategy. Using information and analytics will drive personalized consumer engagement. Transaction analytics and metrics, based on information and payments data, give a business the edge to improve profitability, optimize revenue and cut costs. Without data and analytics to get clear visibility into your transactions, there’s no way to identify transaction performance issues, track customer purchase behavior, or detect fraud and other anomalies.
The success of any type of business is based on fulfilling your customers’ expectations. This is where the true value of data and analytics becomes clear.
With relevant examples, discuss transactional and analytical information.
Guideline to answer this question:
Definition of transactional information (2/4 of the page)
Definition of analytical information (2/4 of the page)
Discuss (Compare and Contrast transactional to analytical using examples) (2/4 of the page)
In your example, convert the transactional data items to a dataset.
What is a transaction dataset?
What program was utilized to save the dataset or data?
Describe the methods used to store data items in the software for further processing and reporting.
To envision the connection between the database and the data-driven website, create a labeled diagram. Next, discuss the front-end and back-end elements shown in the diagram.