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Hello David,
David said:
Where I am in the business world, there is so much data. It's
unbelievable. Everybody in the field tells me that only 10% of it can be
processed because there is just too much. The number of CDs full of data
that just get thrown in the bin is incredible. No, it isn't in xml but
ten minutes in a cruncher and it could be.
Didier replies:
Good point David. I recently encountered such example with the Korean stock
exchange. Companies registered with this stock exchange have to publish
their yearly reports in XBRL. What was my surprise when, after some work, I
was able to download the XBRL formatted reports into Excel and being to
manipulate the data without having to re-enter them. Did anybody tried to
enter the data from 50 companies. Do you have an idea of the time it takes
if you do not have the means to send it to be processed in India (for a
cheap price)? The bottom line here is that having the data published in an
XML based language: XBRL and having a tool like excel being able to process
this leads to an increase in productivity (i.e. the time taken to enter to
extract the data from published report and enter it). Moreover, let's
pretend that I can pay to get the data processed in India. It's cheaper to
get it for free and let my computer do the work. So, if it's my time or if
it is outsourced time, same result. By suppressing both I have a gain in
productivity and less costs. Now that's an incentive to use XML. XML becomes
interesting here because it brings a "processing capacity" I did not got
with the "visual web".
Cheers
Didier PH Martin
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