What is Transactional Data?
Transactional Data refers to the transactions of the organization and involves captured data, for instance, when a product is sold or bought. In the context of data management, transactional data is the information recorded from transactions. A transaction may be defined as a sequence of information exchanged and related work, like database updating, being treated as a unit to satisfy a request. This kind of data always has a numerical value, time dimension, and relates to one or more objects (i.e., the reference data). Transactional data may be financial, work-related, or logistical. It includes everything from a purchase order to shipping status to employee hours worked to insurance costs and claims. Typically, transaction data is more volatile as compared to master data, as it is created and often undergoes more changes. Grouped with related reference data and master data, transactional data records a time and relevant reference data required for a specific transaction record.
Business Benefits of Transactional Data
- Helps to predict buying behavior in the future more effectively
- Offers more personalized customer experience
- Enhances customer experience with relevant marketing communication
- Helps to find highly qualified prospects
- Generates more leads and converts them