One of the major drawbacks in most BI systems is the absence of a universally acceptable reporting standard. Almost 90% of the enterprises use manual processes to collate data for analysis. iCAST integrates the internationally accepted XBRL Digital Reporting standard that defines an electronic format which ensures that financial business information reports are reliable and transparent. It helps enterprises define reporting concepts, in multiple languages, conforming to Generally Accepted Accounting Principles (GAAP) and maintaining the integrity of relationships between reporting concepts. This allows efficient automation of preparation, validation, calculation and exchange of financial statements like Balance Sheets, Profit & Loss statements, Cash Flow statements and other reports conforming to accounting principles like IFRS, US-GAAP, etc. iCAST XBRL structured information taxonomy definitions act as a central reporting repository thereby improving the comparability and understanding of reporting standards for internal and external stakeholders.

The Xtensible Business Reporting processor enables universal adaptability and enables transparent internal and external reporting by optimizing and monitoring reporting business processes that pay a huge ROI for enterprises. The product comes with predefined taxonomies that suit any geographical location and accounting standards. This reduces the cost of data transformation and errors prone due to re-keying or fraud handling. This simplifies the compliance process and results in trustworthy financial reporting.

iCASTís Advanced reporting approach is designed on four pillars to make a reliable and an out-of-the-box reporting standard:

  1. Logically integrated (Process & Data)
  2. Integrated information
  3. Address business specific domains)
  4. Interactive reports that enable users to access analyze and act

The iCAST Reporting suite consists of predefined and formatted views of information that can be delivered as static or interactive documents. Interactive documents let users drill down into the report to view more detail or filter data to obtain different views/dimensions. XBRL coupled with the Analytics studio incorporates sophisticated calculations, statistical algorithms and advanced visualizations users can call upon to analyze large volumes of complex data.