Stay tuned and continue to monitor XBRL and Data Amplified and the accounting, audit, tax and internal audit professions continues to move forward into the digital age and data analytics because increasing more critical in daily operations
Because XBRL tagged data is structured – data tagged in XBRL is perfect for extreme data analytics allowing currency and language linked to XBRL to be immediately converted and analyzed. XBRL allows management accountants to not only review their own company’s financial operation but also look at peers for data analytic comparisons and exceptions
Machine-readable reporting and immediate data analytics is the way to go
This same financial reporting standard used in the private sector can be leveraged over to the US municipal bond marketplace to create better transparency and accountability in this increasing complex marketplace to protect the public interest by making this data more accessible and in a machine-readable format for better data analytics. Deloitte several years ago issued this video that describes the benefits of using XBRL for ESG reporting to help investors: https://www.youtube.com/watch?
Data creation, data governance, data analytics and Big Data according to the Accounting Today article...Right now reporting is done in paper posted on PDFs that are not discoverable for data analytics – meaning not ACCOUNTABLE OR TRANSPARENT
This transformation reduced Oracle's operational costs by 35% while strengthening its data analytics and automation capabilities
This inertial spending ( leftover from when wholesale channels were the priority) saps funding from e- commerce and data analytics, which are the areas leadership says are critical