Handling Data Overload

As business information systems evolve into the use of social media both internal and external, and as an awareness of the potential benefits of using unstructured data for various business purposes, such data has become both more prevalent and more critical.

Unstructured data is that which is not placed into a particular context. It could be chat messages, blog postings, emails, or just data that is made available out of a traditional system for the users. Traditional structured data comes most often in the form of relational databases, the traditional method of storing and archiving data.

With unstructured data, the challenge is to channel it into the areas where it will be of most use. However, this takes a lot of time, and users usually don't have the time when they are working on a decision or preparing a report.

The attached article provides a good overview of this issue and suggests several potential solutions. However, one solution that is not mentioned is XBRL (eXtensible Business Reporting Language). XBRL is a XML derivative -an open system that attaches tags to data for the purpose of financial and business reporting. Tags are simply cross-references to metadata that give information about the unstructured data and can provide it with the context needed to make decisions.

If a company were to set up a system, which could be automated, to tag unstructured data available to it upon inception, those data would become an invaluable business resource. Afterwards the data could be easily retrieved using the tags of interest and similar data with the same tags could also just as easily be retrieved and analyzed.

Many people think that XBRL is useful mainly for tagging financial statements for filing with regulatory agencies. This is just wrong. XBRL is useful for structuring and archiving unstructured data in a way that accords most closely with the interests of the users of the data.

Given the proliferation of unstructured data, XBRL is an technology solution whose time has definitely come.