Transaction data is essential for various reasons:
Operational Efficiency: By analyzing transaction data, businesses can identify trends and patterns that help optimize inventory management, supply chain operations, and customer service. Financial Analysis: It provides a detailed record of revenue and expenses, which is crucial for financial reporting and budgeting. Customer Insights: Understanding transaction data helps businesses segment their customers and tailor marketing strategies to different customer groups. Compliance: Accurate transaction data is necessary for meeting regulatory requirements and conducting audits.