Wake Up To XBRL - InformationWeek
IoT
IoT
Software // Information Management
Commentary
4/26/2005
01:17 PM
Ted Kemp
Ted Kemp
Commentary
50%
50%

Wake Up To XBRL

If you're a BI professional at a big company who doesn't know about XBRL, start learning. It's going to ignite a competitive analytics explosion.

XBRL -- Extensible Business Reporting Language -- is a taxonomy specification that uses XML-based data tags to describe the information in companies' financial statements. The U.S. Securities and Exchange Commission this month launched a pilot project to assess the viability of XBRL tags within financial statements. Such tags would make it much easier for computers to access and make use of that data.

Robert Kugel of Ventana Research provides a nice overview of XBRL in a story we're running from Intelligent Enterprise. Moreover, he predicts that analysis of competitors' XBRL-tagged information will become a required expertise at most companies.

"This information can be used for competitive assessments, operational benchmarking, sales planning and other activities," Kugel says. "We advise finance organizations to establish a competitive intelligence unit responsible for providing information -- about competitors, customers, markets, trends and so forth gleaned from XBRL data -- to business units in a useful form."

The SEC hasn't pushed companies very hard to adopt XBRL-based reporting. But XBRL-tagged information on publicly traded firms is on the horizon, from private suppliers such as Edgar On-Line. Once the data becomes widely available, expect a competitive analytics explosion. Such analysis is still mostly in the "idea stage," but it's precisely at this moment that the smartest companies begin to investigate potentially horizon-transforming changes such as XBRL.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
How Enterprises Are Attacking the IT Security Enterprise
How Enterprises Are Attacking the IT Security Enterprise
To learn more about what organizations are doing to tackle attacks and threats we surveyed a group of 300 IT and infosec professionals to find out what their biggest IT security challenges are and what they're doing to defend against today's threats. Download the report to see what they're saying.
Register for InformationWeek Newsletters
White Papers
Current Issue
2017 State of IT Report
In today's technology-driven world, "innovation" has become a basic expectation. IT leaders are tasked with making technical magic, improving customer experience, and boosting the bottom line -- yet often without any increase to the IT budget. How are organizations striking the balance between new initiatives and cost control? Download our report to learn about the biggest challenges and how savvy IT executives are overcoming them.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll