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Tagged Economy XBRL: Emerging Opportunity

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Information about Tagged Economy XBRL: Emerging Opportunity

Published on January 7, 2008

Author: businessintelligence

Source: slideshare.net

Description

I see a range of emerging opportunity for Software and IT services companies to enhance their existing products, develop new ones or provide services around XBRL – eXtensible business reporting language. - Sanjay Mehta, CEO, MAIA Intelligence on NASSCOM's Emerge Blog.
A unique opportunity is available for consulting executives who want to take part in shaping XBRL. By understanding and implementing XBRL today, participants provide valuable feedback to XBRL International for building the standards, as well as to software vendors for developing products that make implementation more efficient. Today we are on the verge of a new era in financial reporting with interactive data that will make the process more efficient.

In end I would say that world will be moving towards a “Tagged Economy”
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NASSCOM’s EMERGE Blog » Tagged Economy - XBRL - Emerging Opportunity Page 1 of 4 home about emerge blog terms of use profiles search Tagged Economy - XBRL - Emerging Opportunity December 26, 2007 Recent Posts Posted by admin in : Entrepreneurship, Innovation , trackback The “And Brain” .vs. the “Or Brain I see a range of emerging opportunity for Software and IT services companies Tagged Economy - XBRL - Emerging to enhance their existing products, develop new ones or provide services Opportunity around XBRL – eXtensible business reporting language. Online Marketing Industry: Needs Talent What is XBRL? Social Commerce continued XBRL is a language for the electronic communication of business and financial Who says early stage Entrepreneurs data which is revolutionizing business reporting around the world. It provides are only looking for funding? major benefits in the preparation, analysis and communication of business Doing Business in Japan information. It offers cost savings, greater efficiency and improved accuracy Breaking the routine introductions and reliability to all those involved in supplying or using financial data. In the Apply ‘Kiruba Style’ next 5 years, all worldwide electronic business reporting and exchange of financial information between machines, applications and people will be made Have a Second Line of Leadership using XBRL. It is set to become the standard for business reporting. The idea Surviving to Scaling Up behind XBRL, eXtensible Business Reporting Language, is simple. Instead of Social Commerce is the next big treating financial information as a block of text - as in a standard internet opportunuity? page or a printed document - it provides an identifying tag for each individual Look for the TACID ones…. item of data. This is computer readable. Companies can use XBRL to save costs and streamline their processes for collecting and reporting financial Contributors information. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyse Alok Mittal data much more rapidly and efficiently if it is in XBRL format. Ankur Lal Ganesh Natarajan XBRL is NOT a proprietary technology. XBRL is freely licensed and available to Gerard J Rego the public. XBRL is XML-based and therefore is expected to be widely available in software applications. Krishnakumar Navyug Mohnot XBRL and Business Pradeep Chopra All types of organizations can use XBRL to save costs and improve efficiency in Raja Choudhury handling business and financial information. Because XBRL is extensible and Rajdeep Sehrawat flexible, it can be adapted to a wide variety of different requirements. All Sanjeev Aggarwal participants in the financial information supply chain can benefit, whether they Suresh Sambandam are preparers, transmitters or users of business data. Categories http://blog.nasscom.in/emerge/2007/12/26/tagged-economy-xbrl-emerging-opportunity/ 1/4/2008

NASSCOM’s EMERGE Blog » Tagged Economy - XBRL - Emerging Opportunity Page 2 of 4 Branding (9) Data Collection and Reporting Emerging Companies (35) Entrepreneurship (32) By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. For example, data from HR (8) different company divisions with different accounting systems can be Indian IT Industry (11) assembled quickly, cheaply and efficiently if the sources of information have Innovation (30) been upgraded to using XBRL. Once data is gathered in XBRL, different types Leadership (10) of reports using varying subsets of the data can be produced with minimum Marketing (18) effort. A company finance division, for example, could quickly and reliably NASSCOM Activities (11) generate internal management reports, financial statements for publication, Organizational Development tax and other regulatory filings, as well as credit reports for lenders. Not only can data handling be automated, removing time-consuming, error-prone Podcasts (7) processes, but the data can be checked by software for accuracy. Small Software Products Eco-system businesses can benefit alongside large ones by standardizing and simplifying Usability (1) their assembly and filing of information to the authorities. Archive Data Consumption and Analysis January 2008 Users of data which is received electronically in XBRL can automate its December 2007 handling, cutting out timeconsuming and costly collation and re-entry of information. Software can also immediately validate the data, highlighting November 2007 errors and gaps which can immediately be addressed. It can also help in October 2007 analyzing, selecting, and processing the data for re-use. Human effort can September 2007 switch to higher, more value-added aspects of analysis, review, reporting and August 2007 decision-making. In this way, investment analysts can save effort, greatly simplify the selection and comparison of data, and deepen their company Blog Roll analysis. Lenders can save costs and speed up their dealings with borrowers. Regulators and government departments can assemble, validate and review Top 15 Exciting Emerging Companies data much more efficiently and usefully. To Work For. EMERGE Online Newsletter We really are on the threshold of a “Revolution in Corporate Reporting,” which NASSCOM hosts India’s First Product is why I strongly feel software companies should start looking at XBRL Conclave seriously for expaning their business with new revenue lines. NASSCOM Mentorship Program Featured Emerging Companies. NASSCOM & ICICI’s 100+ crore Innovation fund for Indian startups NASSCOM’s 100 IT Innovators An example of how XBRL can seamlessly incorporate the control system with announced the financial system is when a particular control is over-ridden. An approval or notification can be routed to the appropriate manager or executive. If a control activity has deficiencies that need correction or additional controls to FEEDS FULL COMMENTS mitigate risk, the tracking and linkage of the issue from identification through resolution can be easily reported. Companies can also tightly link policies and Enter your email address: procedures to their control activities. With XBRL, software developers can build tools that can be installed into a Subscribe wide variety of systems, without the need to customize the interface to the company. Installation may require custom configuration based on how a Delivered by FeedBurner http://blog.nasscom.in/emerge/2007/12/26/tagged-economy-xbrl-emerging-opportunity/ 1/4/2008

NASSCOM’s EMERGE Blog » Tagged Economy - XBRL - Emerging Opportunity Page 3 of 4 company will want to deploy its internal control systems, however, that would Featured Posts... likely be at a much lower cost. Additionally, because XBRL is an external standard that supports financial reporting based on U.S. generally accepted Build to scale accounting principles (GAAP) and International Financial Reporting Standards Building an Innovation Eco- (IFRS), companies will have the ability to respond to rapid changes in regulatory reporting requirements. Building an Organization -Early stages. The ability to consolidate acquisitions and integrate business systems has Innovation – a must for Indian IT SME historically been challenging due to differences in data and account firms structures. XBRL has the potential to significantly reduce the time and effort Laying the Foundation required to integrate new acquisitions if both companies are using the NASSCOM hosts India’s First Product standard. Integration would simply be a matter of consistently classifying the Conclave already tagged information. There would be little need for a large information gathering and consolidation effort that exists with acquisitions today. On The Global Platform Product Innovation ~ What is the key? Culture! Scaling Up Seven Steps to Building a Great Online Brand SOA – A new paradigm in Business A unique opportunity is available for consulting executives who want to take integration part in shaping XBRL. By understanding and implementing XBRL today, What makes up a good eco- participants provide valuable feedback to XBRL International for building the for startups to thrive? standards, as well as to software vendors for developing products that make implementation more efficient. Today we are on the verge of a new era in What will web 3.0 and beyond financial reporting with interactive data that will make the process more possibly look like? efficient. In end I would say that world will be moving towards a “Tagged Economy Tagged Economy” Post contibuted by Sanjay Mehta, MAIA Intelligence Share This Comments» no comments yet - be the first? message http://blog.nasscom.in/emerge/2007/12/26/tagged-economy-xbrl-emerging-opportunity/ 1/4/2008

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