Sales Transaction Data
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The Ultimate Guide to Sales Transaction Data 2021
Learn everything about Sales Transaction Data. Understand data sources, popular use cases, and data quality.
Table of Contents
- What is Sales Transaction Data?
- How is Sales Transaction Data collected?
- What are the attributes of Sales Transaction Data?
- What is Sales Transaction Data used for?
- How can a user assess the quality of Sales Transaction Data?
- Who are the best Sales Transaction Data providers?
- How can I get Sales Transaction Data?
- What are similar data types to Sales Transaction Data?
- What are the most common use cases for Sales Transaction Data?
What is Sales Transaction Data?
From the perspective of data management, sales transaction data refers to the information that is documented by businesses during a transaction. Technically, a transaction is a structural outline of information interchange and associated work that is treated as a unit to fulfill a purchase request. Sales transaction data include sales orders, invoices, purchase orders, and shipping documents.
How is Sales Transaction Data collected?
Sales transaction data is collected using business intelligence. Guided by the main tenets of record management, transaction data is recorded and retained for archiving in the enterprise data warehouse for ease of future accessibility and analysis. Enterprise data warehouses are central repositories of integrated data from one or more component sources of a business. Businesses store current and historical data in data warehouses which is later used for creating analytical reports for the entire enterprise.
What are the attributes of Sales Transaction Data?
Sales transaction data highlights the time, place, prices, payment methods, discount values, and quantities related to a particular transaction, particularly at the point of sale. Sales transaction data also records and analyses internal or external activities that take place when an organization is transacting business. This information can be a reference to the financial details of the transactions, logistical, or any other business related activity. In its grouping together with associated and reference master data, sales transaction datasets are drivers of business operations that are used to automate an organization’s key business practices such as online transaction processing (OLTP) systems.
What is Sales Transaction Data used for?
Sales transaction data captures non-transactional and transactional data together in real-time, so that users can gain insights into consumer behave that enable them to generate revenue. This is achieved when organizations can gain notable business intelligence, such as customer satisfaction and loyalty analytics, cost-cutting initiatives, optimized operations, risk management, and improved compliance to business operations. Furthermore, by unlocking unstructured transaction data at the point of sale, sales transaction data can assist businesses to answer several critical questions such as: how many guests is the business acquiring? How often are loyal customers visiting? And why are people leaving the business?
How can a user assess the quality of Sales Transaction Data?
Users can assess the quality of sales transaction data by evaluating the specific features of the data to see if they meet data industry standards. These features include:
Completeness refers to whether all the required information is available in the sales transactions data.
Sales transaction data is considered valid if it matches the guidelines specified for it. As such, a business owner ought to assess the guidelines within which they operate in and match it up with the sales transaction data to establish its validity before using it to advance business interests.
Timeliness is a crucial quality indicator of sales transaction data because it helps the user determine whether the data is up-to-date before using if for the intended purpose. The metric that is usually applied to measure the timeliness is the difference in time between when the data is needed and when it is actually available.
If the data system aspects do not match across a given period of time, then the user should consider looking elsewhere for sales transaction data.
Who are the best Sales Transaction Data providers?
Finding the right Sales Transaction Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Sales Transaction Data providers that you might want to buy Sales Transaction Data from are Nikkei Market Data, Envestnet | Yodlee, Short Trends, Fable Data, and A2A.
How can I get Sales Transaction Data?
You can get Sales Transaction Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Sales Transaction Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Sales Transaction Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Sales Transaction Data?
Sales Transaction Data is similar to Credit Card Transaction Data, Point-of-Sale (POS) Data, Loyalty Card Data, Consumer Transaction Data, and Debit Card Transaction Data. These data categories are commonly used for Pricing Analytics and Sales Transaction Data analytics.
What are the most common use cases for Sales Transaction Data?
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