Introducing DEXT — the Deeply Embedded XBRL Toolkit for data integration, internal and external reporting, data monitoring and auditing
While the benefits of XBRL in terms of data transparency, cost savings and greater efficiencies in handling data are widely recognized by data consumers (regulators, analysts and investors), businesses and not-for-profit organizations are not typically looking at XBRL to achieve the same benefits internally.
IPHIX is releasing DEXT, a set of software tools, free knowledge bases and other resources that help organizations do just that – leverage the benefits of “deeply embedded XBRL” internally, whether they are subject to an XBRL mandate or not. DEXT is not an alternative to the software applications in use within a corporate information system; rather, it is an enabler for the use of data standardization to get better results from those applications, and yield an immediate, positive return on your existing IT investment.
Here are a few examples of how DEXT is used:
- To bring together accounting and/or operational data from disparate applications for a specific internal reporting purpose, such as providing a consistent view on information related to a specific category of costs across different units of a company that use different systems
- To apply the same business rules to data stored in different systems for data monitoring and auditing
- To create automated processes to feed KPI systems and executive dashboards from accounting systems and operational modules
- To create and reconcile summarized reports for internal and external use, such as tax returns, reports for external auditors and CPAs, management reports
- If the organization is actually subject to an XBRL mandate, to generate the relevant XBRL filings in a simplified and more efficient way
There are many more examples. Indeed, whenever there is the need to aggregate, analyze or report data across different applications, or to complement the reporting or analytical capabilities of one application, without a significant investment, deeply embedded XBRL is the solution, and DEXT can help.
Because XBRL can be applied to a very broad range of diverse internal data-related processes, it can be difficult for an organization to decide where to start using it, and how to best leverage DEXT. This is why IPHIX conceived Three Easy Steps – a simple, proven methodology and a package of products and services that enables businesses and organizations of any size to complete their first deeply embedded XBRL project using DEXT and leveraging our expertise. At the same time, executing each segment of the Three Easy Steps process will give users the knowledge and the experience necessary to continue on their own after the first successful implementation.
Three Easy Steps has been developed distilling the experience accumulated over many years of thought leadership and unmatched experience on the internal use of XBRL, and applying the lessons learned in our leading role in helping Governments and regulators in various countries implement XBRL-based projects.
Another factor that can complicate the decision of undertaking a deeply embedded XBRL project is that it can be hard to estimate the time that will be necessary to complete the project and the resources that will be needed. The costs of the necessary consulting services can become significant and, more important, they are hard to predict — initial estimates can easily be exceeded once the project is kicked off. That’s why we decided to offer Three Easy Steps for a flat, all-inclusive fee. It will make the investment decision easier; on our side, we are totally confident that a Three Easy Steps implementation will deliver immediate value, and that we can leverage our experience to complete it quickly and efficiently.
Also, our new XBRL Inside training is the first and only training course designed to provide the specific knowledge and the hands-on experience necessary to use XBRL within an organization. It is a great way to prepare for your first “deeply embedded XBRL” project, whether you plan to use our Three Easy Steps methodology or to do it on your own.
All of us at IPHIX are very excited about the release of DEXT and Three Easy Steps. We deeply believe in the potential of XBRL to bring significant benefits to businesses and organizations, large and small, in terms of total internal data transparency and accessibility. We also believe that these benefits will not be realized until XBRL is used as more than just an e-Filing format, which is the reality today. We think that DEXT and Three Easy Steps will help change that.