For those of you who don’t know me, most of my time is spent justifying why moving to Big Data and/or a Business Intelligence platform is a worthwhile investment
1 Comment - We need ways to evaluate the cost effectiveness of Big Data applications. This need is even higher among the small/medium businesses who don't know whether to invest or just stay in the same-old same-old mentality
The law also incorporated the OPEN Government Data Act, which requires all non-sensitive government data to be made available in machine-readable formats which includes financial data using global standards like XBRL.
In the UK – HMRC (Tax Authority) requires corporations to file in the iXBRL data format – a structured data format like XBRL. More than 5 million organizations send their tax data to UK HMRC using the iXBRL data format. Is this the first step toward XBRL that the IRS will pursue using XML tagging for structuring of data and better data analytics?
Become the Gatekeepers of Big Data Posted on August 18, 2015 by imaleadership [Republished with permission from IMA's Moments that Matter blog] More financial professionals working in business are using Big Data in their decision-making process
As regulators, investors, companies, government and analysts increasingly use XBRL data for their analyses the market need for digital assurance of the specific reported data elements using XBRL will increase – especially as data is separated from original disclosure documents and mashed into new reports and data analytic surveys. Major search engines like GOOGLE are using structured data (XBRL is a version of structured data created by the accounting and auditing for business and financial data reported on the Internet) to better locate and process information: “Structured data use is increasing and is in approximately one-third of the commonly crawled web now and clicks increased by 43 percent using the structured data format
We hear a lot about big data and advanced analytics in the media today
2 Comments - Much more focus on sales pipeline drill downs, operating KPI's and non traditional data...Data Scientist sounds pretty cool
On March 7, 2015 – We posted that in early May the US Treasury and the Office of Management and Budget (OMB) would announce a government-wide common data standard for all federal spending information as mandated in the DATA Act unanimously approved by Congress and signed into law by the President of the United States in April 2014. The law requires that federal spending information be tagged using a common data standard (linked to government accounting definitions) and this information would be placed on an Open Data Cloud platform for public consumption and analysis since the information would be in a computer-readable format
Great background article from Nextgov about the DATA ACT and the upcoming May 9, 2015 deadline that calls on the US Treasury and the Office of Management and Budget (OMB) to adopt a government-wide data standard for all federal spending information and moving this tagged data into an Open Data format Cloud platform for public consumption and analysis
1 Comment - I found a recent report card on Freedom of Information Act performance by some government agencies an interesting argument for more data transparency - one of the agencies in David's story is Health and Human Services, which unfortunately was awarded an "F" in how responsive it was to FOIA requests. I just wonder if perhaps interactive data will provide a public service at a lower cost in this era of greater need and request for information about the government's activities
What are some of the tech skills accountants of the future will need? Data creation, data governance, data analytics and Big Data according to the Accounting Today article.
Dear TSP Committee Members: Great speech last week from Richard Berner of the US Treasury Office of Financial Reporting at the Financial Regulation Summit: Data Transparency Transformation in Washington, DC on Tuesday, March 24, 2015. In his speech Richard Berner spoke about the need to create global data standards that link analysis, data and policy tools to manage systematic risk in the financial services sector to better protect investors and taxpayers
2 Comments - David, I really like the "global data standards" promotion