Reducing the Cost of Regulations by Using Data Standards

[GBP Note:  Any company doing business in the U.S. is affected by laws and regulations at many levels.  It is important to automate data reporting wherever possible to be in compliance and improve efficiency.]

Reducing the Cost of Regulations by Using Data Standards

Posted 2012-08-21 in Baseline

XBRL data standards have a wide variety of uses across various industries and can reduce the cost of surveillance, increase efficiency in data reporting and help organizations use this information to clearly analyze the impact of regulations.

By Greg Carter

I am addicted to Sunday morning news programs, and my wife and I spend most Sundays reading various papers and listening to the topics du jour. Regulation, and more important, the cost of regulation, is a frequent topic of discussion. On a recent Sunday, there was an especially interesting discussion centered on advances in process management and technology that could reduce the cost of regulation for businesses and governments. The problem being discussed involved the level of administrative bureaucracy instituted by both regulators and businesses. The cost for businesses and agencies to pull together compliance data and normalize it is significant. However, by using data standards rather than technology standards, these organizations could dramatically reduce costs while increasing efficiencies.

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