A Business Transaction Processing system supports and aids a company to make sure that its services are delivered to its valued customers. The transaction processing system provides a workflow and assures that each step is handled neatly and completely so that it makes the way for the next process to commence and thus allowing the Business Transaction Processing to go through the entire life cycle without any lags and thus making it one complete Transaction Processing.
These days the requirement for transaction processing is on the rise, every company, every business needs to work on its transaction processing so as to deliver its services to its customers.
Each state of business transaction is seen in each step of the workflow that is carried by a Transaction Processing.
-· Planning: The planning of the work for the future, which involves understanding the historical events, their processing and the ups and downs they might have witnessed throughout the transaction processing.
-· Receiving and Reporting: This part of transaction processing involves receiving the novel projects and then acquiring control over them, it also includes reporting the flow of work that would have to be taken up and the also notifying the work processors on the arrival of new projects.
-· Monitoring: In transaction processing, this is part is quite vital as it includes implementing the workflow and monitoring the even processing of the project as per the schedule planned prior to accepting the project. It also includes classifying the work in different sections and then prioritizing over the important jobs and then scheduling them accordingly as per the plan and the reviews of the higher authorities of the company.
-· Processing and Recording: In this part of transaction processing, the company works on putting into practice the planning of the board of the members, and then applying them on to the plan so as to deliver the products pertaining to the demands of the customers. And once the workflow beings, transaction processing takes its next step of recording the work step by step so that the records are maintained and they would later be helpful when company finishes it projects and there arises a necessity to make a report of the previous project.
-· Routing: This stage of transaction processing monitors the shifting of the workflow from one part to the other. Based on the changes that occur in the work flow, there would arise a necessity for the company to shift its work from one process to other; that is where the routing process comes into aid and maintains the record of all the shifts that have happened through the cycle of the process.
-· Evaluation: The work being carried out needs to be constantly analyzed periodically, so as to make sure that flow of the work will eventually bring out the desired results and the customer would be satisfied towards to end of the project. The analysis of the work will also detect the flaws if any, and thus keep the direction of the work in the process of reaching the goal set by the company.
Thus, there is a lot of work involved in the business transaction processing, and thus is important for a company to keep up to its transaction processing, it will help a company neatly manage its resources and thus arrive at a point where the workflow of the company is going as planned and it will end up delivering the services to its customers as per their requirements, therefore is rise in the requirement of a transaction processing for any business irrespective and the field there are working on.