Analyzing The Competition - InformationWeek

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Software // Information Management
02:06 PM
Ted Kemp
Ted Kemp

Analyzing The Competition

If you're part of the group of companies that's ignorant about XBRL, do yourself a favor and find some new peers.

It turns out that when it comes to XBRL, a lot of Business Intelligence Pipeline readers are in front of the proverbial curve.

More than a quarter of respondents to our last site poll said they "definitely" plan to analyze Extensible Business Reporting Language data as a way of keeping a sharp eye on their business rivals. Another 9 percent said they're considering doing so. XBRL is an XML-based data standard for the corporate documents that companies file with the Securities and Exchange Commission. Once established as the standard, XBRL is likely to ignite a competitive analytics explosion as rivals keep tabs on each other's finances and operations.

That's XBRL in a nutshell. Slightly more than half of respondents to our last poll had never heard of XBRL. Business Intelligence Pipeline is here to teach those readers more.

You can get a nice overview on XBRL and what it means for the future of competitive intelligence in a story we ran early this month. Doug Henschen explains that we've reached a point where government agencies such as the SEC definitely will be mandating use of the XBRL standard. It's just a matter of when. Another story, from April, gives tips on building an XBRL-driven "competitive intelligence group."

Here's some advice: If you're part of that 52 percent of readers who don't know anything about XBRL, leave that group behind. And stay tuned. XBRL is a subject we're sure to return to repeatedly this year.

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