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Construction involves numerous stakeholders. From the construction related companies to the finance, surety, and insurance industries each has their own systems designed for their specific industry or need, and most systems cannot efficiently exchange data creating lost productivity and increased costs. The need for common standards and interoperability is well recognized and the government has lead the effort with the 2009 "Interactive Data to Improve Financial Reporting" legislation that created the XBRL standard for financial reporting to the SEC, the 2007 Energy Independence Act which established the Smart Grid Interoperability Panel and regulations such as the Data Act that requires all federally funded projects to utilize open standards for financial reporting. The XBRL-CET taxonomy enables data exchange beyond just filing to the SEC by establishing a collaborative platform to identify data fields and develop formal XBRL data tags for fostering open standards.

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