No Magic and Model Drivers Partnership to Provide Organizational Efficiency, Reduce Risk & Cost
Allen, Texas and London, England (February 14, 2014) – No Magic Inc., the leading global provider of integrated modeling, simulation, and analysis services and solutions and Model Drivers, provider of Model DR, today announced a technology partnership to provide model-driven XBRL solutions to improve business reporting for businesses and regulators.
The partnership is an extension of the successful development of Model DR, which combines the power of Data Point Modeling, RDF, NoSQL technology and the eXtensible Business Reporting Language (XBRL) with the award-winning features and functionality of No Magic's Cameo®/MagicDraw modeling suite.
Model DR is one of the first tools to leverage the XBRL Abstract Model developed by XBRL International (XII), the global consortium that created and maintains the XBRL standard. The Abstract Model gives developers and analysts a strong foundation for implementing XBRL solutions.
"We at No Magic have enthusiastically supported XBRL International and their efforts to take XBRL to the next level of efficiency and effectiveness with their abstract model and data comparability initiatives," said Gary Duncanson President and CEO of No Magic and Object Management Group (OMG) Board Member. "We are delighted to see a member of the XBRL community bring these kinds of powerful, innovative business outcomes to the XBRL user base," added Mr. Duncanson.
"This new technology reflects what we believe are the big ideas to industrializing the business reporting process," commented Greg Soulsby, Director at Model Drivers. "Understanding your data, mapping your business data to your reporting and analysis requirements and driving reporting and analytics through automation and new technology are key," said Soulsby.
As part of the development process, XII is currently seeking implementation examples of the XBRL Abstract Model to better meet the needs of the market. "XII is grateful for the contribution of Model Drivers and No Magic for both their use of the Abstract Model in the creation of Model DR and for the valuable feedback it will provide to our ongoing efforts," said John Turner, CEO of XBRL International. "We hope the news of this partnership will inspire others to make similar contributions."
Model DR empowers business analysts, IT architects, enterprise architects and compliance officers with a tool to implement XBRL with greater speed and confidence, achieving faster, more efficient and far less costly regulatory reporting.