“If you can’t measure it, you can’t improve it.”- Anonymous
Every CFO who has ever dabbled in tracking YOY financials and competition very well knows how essential it is to make an analysis based on data acquired. Usually, there are teams involved that keep track of the competition’s activity, and most often than not, they record this data manually using Excel spreadsheets.
Ultimately, the enormous usage of both time and resources severely limits the scope and effectiveness of the manual tracking exercise. Rest assured – manual tracking works, but only up to a certain degree. Unfortunately, in today’s rapidly evolving world, it’s far from being enough.
For example, if you choose to benchmark with three of your competitors, you would need to put in place mechanisms to track public information from them. Analysts within your company will need to read the (sometimes very large) financial reports of these competitors closely, identify key data and update in an internally created (mostly excel based) financial model. This data will then be used to comparatively analyze your company’s own internal numbers and that of your competitors regularly. If you need to share the numbers and analysis with stakeholders; adequate clarification, details, and charts are needed to elucidate your report. If this is all done manually, needless to say, it will be a tedious process.
To simplify this process, we are happy to announce IRIS Clean Data (Beta), which makes the process of peer benchmarking and analysis much easier, using the structured XBRL reports filed by companies. IRIS Clean Data brings together XBRL data and analytics and helps to compare not just YOYs of your company, but competitors too! A host of interactive features allows users to uncover financial insights that drive real results. Here are some key features that IRIS Clean Data offers:
IRIS Clean Data: Compliance and Analytics designed to work together
One-Click Update of Financial Models
Define your peers and each time they file with the SEC, your complete financial model gets updated with just a click of the button. With IRIS Clean Data’s unique insights, you understand reported compliance data to better evaluate your company’s and competition’s financial reporting in real-time.
Custom Financial Models, linked to Source Documents
Are you looking to check the source of a particular number? Or maybe how the ratio was calculated? Use the easy trace functionality to always stay connected with source data. And if you need help in creating a custom model or a unique report, or adding a specific company(ies) as part of your peer set, all you need to do is ask. No matter what your query is, our team of experts can help.
Customized Report Creation
Our intuitive, easily customized analytical reports, detailed reporting capabilities, and peer group benchmarking enable you to consume data in a way that is meaningful to you, just the way you would like it. Keep your colleagues and stakeholders in the know with shared reports updated with live data.
Switch between As Reported and Normalized Data Sets
Want to compare competitor reports but find the data is not compatible with yours? Worry not, IRIS Clean Data normalizes financials making data comparable for you. Our smart analytics allows you to switch between the originally reported document and the normalized document very easily!