Digital Financial Reporting

In their book The Technology Fallacy, authors Gerald C. Kane, Anh Nguyen Phillips, Jonathan R. Copulsky, and Garth R. Andrus dispel the myth that technology is behind digital transformation and shows how people are the real key.  The authors define digital maturity:

Digital maturity is primarily about people and the realization that effective digital transformation involves changes to organizational dynamics and how work gets done.

Everyone is creating their buzz words so you know things are starting to get serious.  PWC packages these changes as 4IR (i.e. the fourth industrial revolution). KPMG calls it Industry 4.0. EY is onboard with the Fourth Industrial Revolution. Deloitte calls it Industry 4.0 also.  EY points out four things you need to know about the fourth industrial revolution.

As I have pointed out in the past, XBRL has a role in the fourth industrial revolution.  That role is getting clearer and clearer.  On slide 12 of this presentation, Carol Smith points out that "AI is taxonomies and ontologies coming to life (NOT like humans learn)". The ontology spectrum explains what is necessary to create expressive taxonomies/ontologies.

If you still don't understand this stuff, if you want to increase your digital maturity; consider reading the information I have collected over the past 10 years and summarized in the document Computer Empathy.

Here is my ontology.  A financial report is not one big thing, it is made up of many pieces that are individually identifiable. Many pieces, highly expressive ontology, software that understands the pieces and the ontology, Lean Six Sigma process measurement and control philosophies and techiques.  Think about that.