The flow of events or transactions captured by an organization's system describes:

The correct answer is data. Data refers to raw facts and figures that are collected and stored by an organization's systems. This can include things like numbers, dates, transaction records, and other quantifiable information. In the context of an organization's systems, the flow of events or transactions is a direct representation of this data, which is systematically collected to record operations, interactions, and behaviors occurring within the organization.

Understanding data is foundational because it reflects the unprocessed elements that can later be transformed into information. Information emerges when data is organized, analyzed, and interpreted in a meaningful context, allowing for decisions and insights to be drawn. In contrast, wisdom and knowledge represent higher levels of understanding that build upon processed data and information but do not directly describe the flow of raw events or transactions.