Data-processing cycle refers to the process of transforming raw data into useful information. The cycle entails a process of sequential steps, including input, processing, output and interpretation. Preparation, feedback and storage often are included steps of the cycle.Know More
Modern data processing usually is assumed to involve one or more computer systems, with the majority of the processing taking place within a software application.
Collection of the raw data occurs during the input phase of the data-processing cycle. This data could be census details or sales figures, for example. At this point, some cycles require the data undergo preparation for the next stage. Often, raw data requires verification of accuracy or transformation into another format prior to processing. Once the data is collected and input into the computer system, the processing stage of the cycle occurs. In this stage, the data is manipulated according to parameters programmed into the application. Processing generates output to the user. This output could be results displayed on the monitor or a printout, for example. Next, the user interprets the information. The cycle could end at this point, but many organizations incorporate two additional stages in the process: feedback, during which the output is compared with the desired results in order to improve the data-processing cycle for the future, and storage, during which the raw data is archived electronically or in physical form for future reference if needed.Learn more about Business Resources
Online processing refers to a method of transaction where companies can use an interface, usually through the Internet, to take product orders and handle payments from customers. Online processing is very popular because it can increase the efficiency of a company's sales operations and allow users to communicate with the online interface for their own needs.Full Answer >
Spreadsheets are used to process and perform calculations of raw data. They are used frequently in the fields of business and accounting.Full Answer >
Data analysis refers to the process of applying logical and statistical techniques to evaluate, condense and describe raw data with the sole intent of extractingÂ useful information. There are several different forms of raw data, including observations, survey responses and measurements.Full Answer >
Automated Clearing House, or ACH, payment processing is an electronic authorization network used by financial institutions to instantly approve funds transfers initiated by businesses or consumers, according to the Consumer Financial Protection Bureau. Payroll direct deposit and automatic bill payment from a bank are common examples of ACH payment processing.Full Answer >