A very clever developer once asked me, “If you knew the molecular structure of wine would it taste any better?”
I said that – like many people – although I appreciate learning how wine is crafted, I don’t care much about the molecular structure. In the end, what I wanted was to enjoy the wine with my meal.
Similarly, XBRL as a technology will enable a number of process transformations, but each of those will be front-ended by purpose-built software; the technical aspects of XBRL are certainly interesting, but only for the right audience. End users will enjoy these benefits relative to the ease of using data within the context of their own work.
Rivet Software is focused on building applications and functionality with end users in mind so that they can realize the benefits of XBRL even if they do not have specialized technical knowledge.
Does the focus on finance and accounting professionals mean that Rivet can’t help other software vendors deliver XBRL-enabled solutions? No. Rivet functionality is embedded in multiple solutions. But more on this in a later post…
On the XBRL.US website there is an “At a Glance” page which describes XBRL, the primary benefits and – just as important – what XBRL is not, as shown below:
XBRL is a technology language for the electronic communication of business and financial data and is being implemented worldwide. XBRL-formatted documents enable greater efficiency, improved accuracy and reliability as well as cost savings to those involved in supplying and using financial and business information data.
Primary benefits of XBRL Solutions
- Reduces Costs
- Increases Productivity
- Improves Data Quality
- Extends Data Interoperability
“XBRL is not an accounting standard and will not change what is reported, only how it’s reported. The XML tagging means that the information in a business report is computer readable and can be more easily extracted, searched and analyzed by users of that information.”
End users are in the business of creating, reviewing and analyzing data in context and shouldn’t have to be experts in the underlying technologies. To achieve the primary benefits, XBRL data has to be approachable through applications that mask the complexity of the technology, and expose data that is helpful in making decisions.
Rivet delivers solutions that span the entire process so that end users can create, review, and analyze data leveraging XBRL. In each case, the end user’s approach to the work is paramount.
Here are a few examples of the attention to detail that makes our applications more approachable by end users.
- Analyze – Extend Excel and Model with Data: All of the XBRL filing data at the SEC is accessible for analysis in Crossfire. Rivet has enhanced the Excel experience for analysis by automatically including public data and managing spreadsheet hell. In Crossfire, you have access to all the XBRL filings to date. You drag and drop data onto Excel; the design mode is interactive. Because you do this in the context of the application, you can mix and match internal data and data from public filings, while you manage both financial spreadsheets and updates when new data is filed. Modeling with data is important. When building from scratch, it is much easier for a user to eliminate data (as they refine what they want to know) than to add items. Access to the entire dataset makes it easier to model with data directly in Excel.
- Review – Easily benchmark your choices against other filings: One of the questions we often get is “What did other filers select in this case?” With Dragon View and Cross Tag that information is immediately available. With Dragon View you can open any instance document including those done by your outsourced vendor. You can read more about this in Emily’s blog entry here.
- Create – Streamline the process after the initial filing: We have spent time automating the process of producing your 2nd, 3rd and “Nth” instances based on your first filing, regardless of the method you used to produce it. (Look for a blog on the importance of this in the near future.) Above are just a few examples, but there are many more good examples around workflow, roles, “help me tag”, and other topics on our blog.
In the U.S., understandably, the primary focus is on filing so let’s start here but not stop here…
Whether you use Rivet applications or Rivet functionality embedded within other applications, we are focused on helping end users by leveraging standards and providing access to the vast amount of information that will be available. Providing functionality for the end user now will drive additional uses of XBRL that will realize the primary benefits of XBRL in both the private and public sector.
Now, where is my wine…
Links list:
XBRL at a Glance
http://xbrl.us/Learn/Pages/FactSheet.aspx
Learning About XBRL & Rivet Solutions
http://rivetsoftware.com/Solutions/sec_filers.aspx
SEC Quick Start Premier Plus Package
http://www.rivetsoftware.com/Professional_Services/sec_xbrl_package.aspx
Manage the tagging and filing process with CrossTag User Roles and Workflow
http://blog.rivetsoftware.com/?p=195
Dragon View, Still the most popular XBRL viewer, Just Better!
http://blog.rivetsoftware.com/?p=150
http://blog.rivetsoftware.com/?p=182
Tags: Analytics, Customer, Products
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