TRANSACTION SET Meaning and
Definition
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A transaction set refers to a collection or group of related data elements that are exchanged through electronic means according to prescribed and standardized formats. It is a term commonly used in the context of electronic data interchange (EDI), which is the computer-to-computer exchange of business documents in a structured format.
In EDI, a transaction set represents a specific type of business document, such as a purchase order, invoice, or shipping notice. Each transaction set is standardized with set data segments and fields that follow the rules and guidelines of the relevant industry or business sector. These sets utilize agreed-upon formats, such as ANSI X12 or UN/EDIFACT, to ensure consistency and compatibility between different trading partners, systems, and applications.
Transaction sets allow for seamless and streamlined information exchange between organizations, enhancing the efficiency and accuracy of business processes such as procurement, order fulfillment, and payment. They enable the automation of various tasks, reducing the need for manual data entry, paper-based documents, and potential errors associated with manual handling.
Each transaction set typically contains specific data elements that capture relevant business information, such as product details, quantities, pricing, shipping addresses, and payment terms. These data elements are formatted and organized according to predefined rules, making them easily decipherable by both the sending and receiving systems.
In summary, a transaction set is a standardized grouping of data elements used in electronic data interchange, facilitating the exchange of structured business documents between trading partners to improve efficiency and accuracy in various business processes.
Common Misspellings for TRANSACTION SET
- rransaction set
- fransaction set
- gransaction set
- yransaction set
- 6ransaction set
- 5ransaction set
- teansaction set
- tdansaction set
- tfansaction set
- ttansaction set
- t5ansaction set
- t4ansaction set
- trznsaction set
- trsnsaction set
- trwnsaction set
- trqnsaction set
- trabsaction set
- tramsaction set
- trajsaction set
- trahsaction set
Etymology of TRANSACTION SET
The term "transaction set" originates from computer science and information technology, specifically within the field of electronic data interchange (EDI). The etymology of "transaction" can be traced back to the Latin word "transactio", which means "an action or activity carried out" or "a business deal or negotiation". It eventually developed in English to refer to any action or process involving trade or exchange.
In the context of EDI, a transaction set refers to a structured and standardized collection of data that represents a specific type of business transaction, such as purchase orders, invoices, or shipping notifications. The term "set" in this context indicates a group or collection of related information.
Thus, the term "transaction set" in the context of EDI combines the idea of a business transaction with the concept of a standardized collection of data, denoting a package of information representing a specific type of trade or exchange that is ready to be electronically transmitted.
