Update from the Real Time Economy Conference

Posted on May 27, 2016 by Dave Nitchman

XII CEO John Turner was in Helsinki this week speaking at the second Real Time Economy Conference hosted by Aalto University and XBRL Finland.

RTE is a network of participants across the business reporting supply chain in Finland, collaborating on ways to digitise, standardise and automate a wide range of business processes: from e-invoicing to business-to-government reporting and most things in between. The “Real Time” aspect is an important part of their goals. RTE want to develop ways to accelerate the provision of information, getting it to the right people at the right time.

The RTE conference brings together a range of experts in this field and will continue today. Yesterday the program kicked off with keynotes on blockchain, presented by Markus Hautala from leading Nordic integrator Tieto, and on the  keys to successful big data implementations from Professor Kalle Lyytinen from Case Western Reserve University, based in Cleveland in the US.

Linking these topics, John Turner spoke about ways that smart contracts, given some technical improvements, a balanced regulatory approach, and strong standards, should be able to make substantial inroads on existing financial inefficiencies.

He went on to describe how Enterprise reporting can make use of big data technology to provide business-driven management and financial information together, using an XBRL taxonomy as the system DNA. We’ll bring you links to these talks as soon as they are available and next week will provide an update on XBRL in Finland and the Nordic region.

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