Software AG launches platform for fast, low-cost reporting

Software AG, which specialises in modernising business-critical systems and integrating information, has developed a platform that helps organisations to generate reports faster, more simply and at a lower cost, for both internal and external use. To develop the platform, Software AG based itself on Internet technology and XBRL (eXtensible Business Reporting Language), an open technology standard. Software AG will introduce a test version of its Digital Reporting Platform at the 10th Annual XBRL International Conference to be held from 15th to 19th November in Brussels.

Using Software AG’s Digital Reporting Platform (DRP), organisations can implement applications for XBRL baded business reporting up to three times faster than if they were to develop them themselves. “DRP is the first solution that manages to conceal the complexity of the XBRL standard,” states Peter Stamps, Director of the XBRL Business Unit at Software AG. “We are currently talking to some major system integrators that want to use our DRP to create XBRL systems for their customers. Our platform gives them a technical edge and enables them to focus on the business aspects of XBRL implementations.”

XBRL is an electronic format that has been developed based on XML (eXtensible Markup Language). XML, a standard which simplifies the exchange of documents and data, is supported by Software AG in all of its services and software. “Since 1998 we have carved out an exceptional reputation as a pioneer in XML technology,” says Thomas Zanzinger, general manager of Software AG Belux. “The launch of DRP will enhance that reputation even further.”

Software AG also plans to deliver its own solutions based on DRP. These will include regulatory statements and reporting (known as regulatory e-filing), credit risk management, corporate XBRL reporting and solutions for stock exchanges. You can see an example of the latter at the German Stock Exchange website: www.xbrl.deutsche-boerse.com

“Now that providers of financial systems and business intelligence software also offer full support for XBRL, we expect to see enormous growth in the XBRL market. The benefits generated by using XBRL are staggering, both for the people producing the reports, as well as those receiving them,” observes Peter Stamps. “The major regulatory bodies have already announced that they will be requiring the XBRL format for the electronic filing of financial and other business information. So companies are best advised to start looking for solutions now that will assist them in complying with this requirement.”

XBRL: a truckload of benefits

Using the XBRL standard delivers both quantitative and qualitative benefits. Organisations will be able to save time and money because they will no longer have to re-key the data manually from reports in a variety of different electronic formats (Word, pdf, text, fax, etc.). Eliminating manual entry also reduces the likelihood of human error and improves the quality of the information. Using the XBRL standard produces more uniform reporting, which also makes for faster analysis.

Banks, stock exchange institutions, corporations, insurance companies and legislators all over the world have accepted XBRL as the standard for automating reporting processes, such as mandatory annual reporting. Organisations already making the move to XBRL include the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) in the United States, Britain’s Inland Revenue, the Dutch government, the Australian Tax Office, the stock exchanges in Frankfurt and Seoul and the National Banks of Belgium and Spain.