Overcoming the Challenge of Data Analysis and Comparability with iXBRL
In today’s technology-centric world, data analytics has become the mainstay solution for companies striving to stay ahead of their competition. And why not, it helps improve decision-making, increases accountability, benefits financial health, and predicts losses.
However, companies face several challenges while collating, handling, and making sense of data, especially financial information.
This is where iXBRL comes to the rescue. Here are the challenges of data analysis and comparability and how iXBRL helps overcome them.
How iXBRL helps to overcome DataAnalytics Challenges:
The Amount of Data Being Collected is Massive
The amount of data firms produce every day is truly mind-boggling. And the pace is only accelerating with the emergence of technologies. While it’s almost impossible to handle all this data, iXBRL can help manage the financial information available.
iXBRL encompasses the financial data produced by companies and presents it in a human and machine-readable format, which makes it significantly easy to compare and analyze.
Collating Meaningful and Real-time Data
Collecting data is not the problem; collating meaningful data is.
With a massive amount of data available, companies are unable to understand which data is useful and which is not. Based on the insights you need, iXBRL produces meaningful financial data to determine real-time insights into the current position of the company. What’s more, the data can be extracted based on the financial year, which further narrows down the research and significantly impacts decision-making.
Visual Representation of Data
Data or business analytics professionals can understand the data in its raw form. However, for the stakeholders, business owners, and regulators to comprehend it, the data needs to be presented in a form that non-technical personnel or users can understand.
iXBRL has laid down a standard format in which all the financial data of an organization will be reported, making it incredibly useful and accessible.
Data Analysis and Comparability Made Easy with iXBRL
Whether you need to collate data from multiple sources or enhance the quality of data submitted to the CIPC, iXBRL is the ideal choice. And with a reputed partner like DataTracks, analytics and comparability become a walk in the park.
The solutions offered by DataTracks boast of collaboration and agility, which means you can share the data easily and securely with your team at the click of a button. Furthermore, the iXBRL reports prepared by DataTracks are highly authoritative and error-free, ensuring that the insights you gain are impactful and the data submitted to CIPC is accurate.
Speak to an iXBRL expert TODAY @ +27-10-446-9061 or email at email@example.com and make your way to easy, accurate, and impactful data analysis.