iXBRL – Changing the Landscape of Business Analytics
In 2021, which is not over yet, companies worldwide spent approximately 215.7 Billion US Dollars on big data and analytics solutions. And this spending was merely 122 Billion US dollars in 2015.
What does it tell you?
Since 2015, the revenue generated from big data and business analytics have increased by almost 2X. However, what companies don’t realize is that they don’t have to spend millions of dollars trying to analyze their data via business analytics solutions; their financial reporting solution can help them do just that at a fraction of the cost.
That’s right, iXBRL is the new business analytics tool that’s changing the business analytics landscape in South Africa.
The Primary Reason? – High-Quality iXBRL Tagging
iXBRL data can be used by analysts, credit-risk agencies, industry, researchers, stakeholders, investors, regulatory authorities, and others to gain insights that influence key business decisions. A company that produces consistent and high-quality iXBRL data can differentiate itself in the marketplace, earning credibility from accurately tagged iXBRL data.
In other words, companies can materially benefit from high-quality iXBRL tagging as it results in more efficient and effective decision-making. Let’s see how.
iXBRL’s Impact on Data Collection and Reporting
By leveraging iXBRL, companies and other producers can automate the process of data collection. For instance, while preparing financial reports, data needs to be collated from every department with different accounting systems. And not just that, this data can be collated quickly, under the budget, and efficiently if your organization has an in-house iXBRL solution or an outsourced iXBRL service provider.
Once the data is gathered, different types of financial reports can be produced with minimum effort. For instance, a company’s financial division can generate reliable management reports, financial statements, tax filings, and credit reports for lenders. Simply put, iXBRL can not only automate the data but also verify the accuracy and authority of that data.
iXBRL’s Impact on Data Consumption and Analysis
Now let’s talk about the users of data. When users receive data, they need to prepare it for analysis, including costly collation and re-entry of information. An iXBRL software can automate these tedious and expensive tasks as it can immediately validate the data, highlight errors, and identify gaps so they can be addressed stat.
Furthermore, an iXBRL software or solution can also help analyze, select, and process the data for re-use so your team can focus on more value-added aspects of analysis like reviewing auditing and decision making.
And what does that do? This can save effort, greatly simplify the selection and comparison process, and deepen the company analysis, saving huge costs and speed up the decision-making process.
And as far as regulators are concerned, leveraging iXBRL can assemble, validate, and review data much more efficiently and usefully. So it’s a win-win for every party involved.
iXBRL – Beyond Financial Reports
It’s evident, iXBRL is the next best tool for business analysis. However, to reap the maximum benefits, you need to seek specialized expertise from iXBRL service providers. DataTracks can be your confidante through the entire process of filing till analysis. Over their realm of 16 years, DataTracks has successfully delivered 200,000+ reports, enhancing the authority of financial statements and the capabilities for business analytics.