Buan Consulting's SEC Contract Renewed - Edgar Full Text Search
June 13, 2006
FOR IMMEDIATE RELEASE:
Buan Consulting, Inc.'s SEC Contract Renewed
EDGAR Enhanced with Full-Text Search Capability
Annapolis, MD…Buan Consulting, Inc. (Buan Consulting), which offers secure, customized knowledge management and portal solutions, announced that its contract with the Securities and Exchange Commission (SEC) has just been extended for another year. For the last two years, Buan Consulting, an 8(a)-certified company, has been providing the SEC with support services to enhance the agency's Autonomy knowledge management software functionality across several SEC divisions and on the SEC public website.
A large part of Buan Consulting's activities have centered on supporting development and administration procedures for the SEC's recently released Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Full-Text Search (EFTS) system. EFTS was designed to provide more effective comprehensive searches and retrieval of indexed information; and provides the capability to do full, natural-language text searches and analyze unstructured/structured text retrieved directly from a number of available indexed sources, including filings, documents, databases, and electronic media. The contract renewal means that Buan Consulting will support and administer EFTS, making it easier for stockholders, financial analysts and all members of the public investor community to search through more than one million company filings.
The SEC collects and maintains a vast repository of registration statements, reports, and other filings submitted via the EDGAR system each year. These submissions are received from more than 28,000 registered companies and numerous individual filers, and provide not only significant analytical information that can support the SEC's organizations in carrying out their missions, but also the dissemination of filings to the public.
EDGAR's primary purpose is to increase the efficiency and fairness of the securities markets for the benefit of investors, corporations, and the economy by accelerating the receipt, acceptance, dissemination, and analysis of time-sensitive corporate information filed with the agency. Anyone can access and download this information for free, but its sheer volume and breadth of data type can make it difficult for the SEC to manage.
"As with many organizations, the SEC's knowledge management system has been accumulating vast amounts of unstructured data over the years," said Dan Buan, CEO of Buan Consulting. "Making this unstructured data searchable for both internal SEC users, as well as for the public, has been an issue for many companies and government agencies. With the release of EFTS, two years of company filings are now available and freely searchable to all members of the public."
Buan explains, "Basically, information breaks down into two broad categories - structured and unstructured. Structured is what we find in databases where every bit has an assigned format and significance. Unstructured data is what we find in e-mails, reports, PowerPoint presentations, voice mail, phone notes, agendas and photographs. This data typically comprises about 85% of an organization's knowledge stores, but it is not always easy to find, access, analyze or put to use.
"We are very proud to have the opportunity to assist the SEC in its mission of protecting investors and maintaining market integrity. I am confident that our services will continue to increase the efficiency and effectiveness of the SEC's use of Autonomy knowledge management software to support EDGAR users. Organizations will be able to use EDGAR to better access company information, increasing its quality and usefulness. We're looking forward to being on the leading edge of its enhanced capabilities and value to citizens, and managing this most important tool."
Buan Consulting's other federal government customers include the Department of Homeland Security, the National Park Service, and the Social Security Administration.
Buan Consulting is a leading provider of secure knowledge management and portal solutions to organizations that want to improve performance through the superior management of their knowledge. Using proven technologies and methodologies, and the latest developments in business and artificial intelligence technologies, Buan Consulting builds customized solutions enabling each organization's employees, customers, partners and other stakeholders to collaboratively create, locate, manage, deliver, and apply the information needed to make strategic decisions and enhance operations.