Today, organizations and their regulatory bodies face a continuing increase in available business-related data. However, this massive amount of data is accompanied by quality problems, complex analytical challenges and missing semantic meanings. At the same time, opportunities to benefit from data are tempting and potentially most important for business development.
Some of the problems mentioned above can be solved by utilization of the standardized reporting language XBRL (eXtensible Business Reporting Language):
Together with Business Intelligence, XBRL helps managers and CEOs to make better decisions based on better information in form of pre-processed and standardized data. This results e. g. in improved Risk Management and immediate feedback loops for optimized operations.
For a few years now, also various regulators have been implementing XBRL as an obligatory standard: For example, companies listed on the stock exchange are obliged to publish their US-GAAP or IFRS Financial Statements in compliance with predefined XBRL schemes.
Some companies regard an XBRL obligation rather as a compliance burden than as a valued-added tool for analytical purposes. But companies as well as regulators have XBRL-tagged data at their disposal.