(2) XBRL (eXtensible Business Reporting Language) — an open data standard for financial reporting based on XML. It is what enables automated systems to find and extract data from business reports based on its semantic meaning, saving you from having to read through every footnote looking for a specific type of information.
(6) AES (Advanced Encryption Standard) — is the encryption standard adopted by the U.S. government. The standard comprises three block ciphers, AES-128, AES-192 Big Fat Finance, and AES-256. The number refers to the number of bits used by the encryption algorithm. The higher the number, the more resistant the encryption is to codebreaking.
(3) EDI (Electronic Data Interchange) — the computer-to-computer exchange of structured information using agreed-upon message standards. It is the foundation of B2B ecommerce.
A punch line to a joke in the IT industry is this: The nice thing about standards is that there are so many of them. OK, it’s not much of a joke. The point is that standards work best when there are only a few. In the IT industry, however, there already is an abundance of standards — and more keep arriving.
(7) SQL (Structured Query Language) — although CFOs probably don’t directly use SQL, it is the standard query language behind many of the query and reporting tools that they do use. It is the English-like programming language used to extract information from relational databases.
(5) PKI (Public Key Infrastructure) — a computer security architecture based on a message encryption process using two keys to scramble the data and render it unintelligible; one key is public and used by the sender to encrypt the message; the other is private and used by the recipient to decrypt the message. It offers a flexible way to exchange information over public networks while ensuring that the information remains private.
Feel welcome to add any that wiredFINANCE has missed. ###
There even is an abundance of standards bodies. American National Standards Institute (ANSI), International Organization for Standards (ISO), the IEEE Standards Association, and World Wide Web Consortium (W3C) are just the start. The Federal Information Processing Standards (FIPS) adds even more standards.
(4) PCI (Payment Card Industry) — a set of standard security processes insisted upon by the credit card providers to ensure the protection of cardholder information by every organization that touches credit card data. Failure to comply with PCI standards can result in serious penalties and substantial legal liability.
The CFO, however Big Fat Finance, is interested only in a few. Below, wiredFINANCE will hit on seven IT standards that impact the finance operation while skipping the ones so totally generic that you live with them every day and may not even realize it, like TCP/IP and HTTP, which underlie the Internet. Feel welcome to add any missed below in the comments section.
(1) XML (eXtensible Markup Language) — has emerged as the lingua franca of IT. Created and managed by the W3C, it provides a generic format that facilitates the exchange of information from a wide variety of otherwise incompatible structural formats. XML is what allows you to load data from your customer’s incompatible system into your system and get meaningful results rather than crash your system.
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