XBRL (Extensible Business Reporting Language) is an open standard for transmitting and sharing business information. Its designed to replace manual processes that typically involve time-consuming comparison, assembly and re-entry of data.
XBRL is being developed by a nonprofit consortium of companies, organizations and government agencies, including accounting, technology, government and financial services bodies. Its users include the Securities and Exchange Commission, the Federal Deposit Insurance Corp., the Tokyo Stock Exchange and the U.K. Inland Revenue Service.
Business Objects SA is adding its XI business intelligence platform to a trio of offerings, which collectively has been dubbed XBRL-BI, that incorporate the standard. Ipedo Inc.s XIP information integration platform is another piece, and Edgar Online Inc.s suite of XBRL-enhanced tools caps it off.
In the midst of soaring volumes of financial information and regulatory requirements, the technology combination is aimed at helping companies share company information with financial analysts and investors for reporting and analysis.
Financial filings come from Edgar Onlines I-Metrix Web Service and the XIP integration platform. Business Objects XI lets research analysts, institutional investors, fund managers, regulators and corporate officers study market conditions directly from corporate filings in near real time, thus creating what Business Objects calls a pre-built data repository thats ready for financial analysis.
Edgar Onlines systems convert SEC data into XBRL to make it available to the I-Metrix suite. Ipedo pulls the XBRL-tagged financial data, processes it along with business context, and delivers it to XI, which uses Crystal Reports or Business Objects Web Intelligence product.
Management dashboards, scorecards and performance management applications can be created within Business Objects BI platform.
Stuart M. Selip, an analyst for Burton Group Inc., has been following Ipedo in his coverage of EII (enterprise information integration). He said that well increasingly see data delivered as Web services, as with XBRL BI, as companies look to get at material in ways other than firing up queries against relational sources.