XBRL: Data collection and analytics
Efficiently collecting digital, high quality data
Collecting and validating data can be very time consuming, leaving little time for the actual analysis to produce information and insight. Implementing XBRL-based systems to receive, validate, and analyze digital data result in higher quality data and more time for analyses.
Data collectors (e.g. regulators or data aggregators) process large amounts of data as input for their final products. Collecting, processing, and validating this data can be very time consuming, leaving little time for the actual analysis to produce information and insight.
To transform data collection processes from paper-based to efficient digital systems, Deloitte supports the implementation of XBRL-enabled data collection, validation, and analytics systems.
XBRL enables automation of your data collection, preparation, and validation with digital reporting solutions. Automation allows the elimination of many inefficient, error-prone manual activities to process submitted data. As a result, significant reductions in data processing time and costs can be obtained, as well as increased consistency and quality of information. Using XBRL means saving time in data processing thereby enabling the allocation of more time for effective data analyses.