Supply Chain Standardisation
ThinkTwenty20’s recent spring issue focused on regulatory reporting, drawing from a number of interesting perspectives in the field.
Mike Willis, the US SEC’s Assistant Director of the Office of Structured Disclosures, highlighted the importance of standardisation in all supply chains – from the railways, to barcodes, to business information, and now, for data that will enable efficient and effective AI.
The benefits of XBRL and iXBRL go beyond ensuring the economy is AI ready, however. As Willis has seen in his role at the SEC, XBRL enhances the capabilities of regulators. Structured data has allowed the SEC to develop analytical applications, identify data errors and patterns, and create a rich pool of data for analysis.
For filers, benefits include more automation in the filing process, the potential to catch errors with validation checks and easier comparison with peers across the industry.
Read Willis’ article – and others – here.