Data processing is the process of gathering and controlling raw data to generate helpful advice. To put it differently, data processing converts unusable information right into a precious kind. It requires data organization, adjustment, storage and closing presentation of the wanted info. Processed information is generally in form of tables, diagrams, and reports. Processed information in computing comes in sort of numeric types, text, diagrammatic, graphic, video, and sound. Data processing comprises processes such as:
- Sorting– assembling things in some sequence
- Reporting –outline info or list detail
- Summarization – Comprehensive data is reduced to its principal purposes
- Assessment –
- Categorization – dividing information into several groups.
- Validation – making sure that supplied information is useful and correct
Real time processing
This method is utilized to carry out real-time processing. The outcomes are revealed immediately. The strategy requires use of internet connection and all data is kept online. Example includes tickets booking for flights, banking systems, and film tickets.
Also called an automatic process approach, this method means that the job received by the machine is processed when received. This really is sometimes regarded as real-time processing.
Forms of data processing
Usually, there are there are only three kinds of data processing: Manual, mechanical and electronic
Manual Data processing
In such a data processing, data is processed manually and no electronic or machine is used. The kind is less reliable, slow and chances of errors are high. Determined by the information that have to be processed, such a data processing is, in addition, expensive and needs large work force.
Mechanical data processing
Here data processing is carried out by use of a mechanical device or simple electronic devices such as type writers and calculator. Compared to manual data processing, this sort is more dependable and saves time. However, the result is still limited.
This is the very best and fastest available type with greatest accuracy and dependability. This type requires minimal manpower for the reason that it works on the computer. This is the best existing kind of data processing as the user can process a very large amount of information within second or minutes.
Data Processing Strategies
Data processing approaches refer to techniques used to sort or process various sorts of info.
The key feature of this way of data processing is that distinct jobs of diverse users are processed in the order they have been received. The procedure involves processing of a lot of info, thus reducing the price of processing. Examples include payroll, evaluation, and billing system.
Multi-processing sort uses CPUs to process data. The jobs are broken up between various CPUs concurrently thus increasing efficiency. Job that has to be done is sent to various CPUs working concurrent inside the mainframe. Examples include data processing using cellular telephone, laptops and computers.
Here one CPU can be used by many users. All users share one CPU but time allocated to users might differ. As per allocated time, the processing happens at various times for various users.
Advantage of Data Processing to Fintech Firms
Data processing is imperative to fintech businesses. With data processing, your fintech company can face the challenges and competition in the market because it’s going to allow you to concentrate on the productive tasks your company should do.
Normally, data processing services including check processing, form processing, image processing and insurance claims processing. Although these may appear small to your fintech business, they could offer you high impact in the market. Image processing can appreciably affect the promotion of your business. Creating high quality pictures and putting them in pamphlets and catalogs will bring your target customers and clients.
Form processing enables you to access all the needed info simpler and quicker because the forms are offered in a sense that is simple to understand. These forms include invoices, tax forms, legal forms, email, different types of survey and cvs.
While planning a fintech startup, data analysis and processing needs to be one of the priorities in your plan because suitable data processing helps the efficiency of your fintech business, makes it possible to conserve more energy, money and time.