We think tools masking the perceived complexity of XBRL and leveraging the power of the standard to act as a data management layer or ‘middleware’ for data are the necessary evolution of its potential analytical applications, and it is encouraging the software market is evolving to meet this need. The NTT DATA & Reportix solution demonstrated it has the potential to reduce the cost of technology and data change. It also demonstrated certain steps traditionally carried out in solution development cycles during a project implementation would no longer be required and that it was possible to use the standard ‘natively’ without the need for transformation.

NTT DATA and Reportix created a user-friendly WebApp capable of sophisticated data analysis, enabling BoE analysts to see the data at their disposal, conduct more effective analysis, and data-driven decision-making. [...] The solution has already shown there is a product that can have a significant impact on the speed at which it imports, stores, analyses and visualises regulatory data. In particular, the PoC was primarily designed to reduce technology and data change effort by at least two thirds.