A business transaction is a financial event that has a financial impact on a business. These events comprise purchases and sales of services or goods including payments to vendors and contractors, interest expense, and stock-based compensation. To be able to be considered a commercial transaction, it has to be documented in the company’s financial records. In addition, it must be able to have a qualitative or quantitative influence on the company’s financial state. For instance, a sale is a qualitative shift and an increase in revenues is an economic change.
A majority of companies conduct B2B (business-to-business) and B2C (business-to consumer) transactions. B2B transactions are typically more complicated than B2C transactions and require greater concentration on details to ensure accuracy. For instance, when an organization sells a product or service to another company, they need to make sure that the buyer is an appropriate prospective buyer. This includes ensuring the buyer’s organization is legally permitted to purchase the items and services and determining whether tax considerations are present, and creating documentation to support the sale.
When a company is involved in a B2B transaction, the quality of the system’s performance could have a major impact on both parties. For example, if the system is experiencing a large number of latency issues it could be difficult for the business to carry out its core functions. To avoid such issues, companies should be aware of the systems that run critical transactions. New Relic’s Flow Maps can be used to identify critical elements of business transactions like the LoanServices Tier or the backend database. Additionally, you can add these business transactions to the workloads view to get an extensive view of all the components which make up a particular service. This can help you swiftly solve issues that arise.