Baker Tilly Canada’s Ignite series features insight from audit, tax and advisory experts that covers a range of topics affecting financial planning for individuals and businesses both today, and in the future. From SMB advisory and wealth management to tax policy and digital transformation, Ignite articles aim to inspire action.

Technology is evolving so fast. Some might say that’s exhilarating, while others might see it as exhausting. With Artificial Intelligence (AI) being integrated into businesses at an unprecedented rate, it’s easy for a company to feel out of shape as it tries to keep up with technology trends, in order to remain current and competitive.

But, before upgrading from last year’s (or last century’s) technology and investing in emerging technology and processes, a company should pause, take a deep breath and assess whether their digital centre or “core” is fit enough to embark on a complex digital journey.

To effectively adopt and use AI the quality and integrity of an organization’s data core is essential.

An organization’s mindset and strategy must lay the foundation for data integrity. If an organization’s data is accurate, consistent and unbiased, new technologies can help unlock efficiencies and predictive insights the organization is striving to access. On the other hand, incomplete or flawed data that lacks integrity and is not fit for analysis only leads to incomplete results that lack integrity and are not “fit“ for action.

Getting your data ready for digital evolution

So how can an organization get their data “in shape” so that emerging technologies can be effectively adopted?

Think of investing in new data‑driven technology at your company the way you would a person buying a state‑of‑the‑art exercise bike. An exercise bike can help strengthen an individual’s physical core, while pushing their limits to achieve their goals.

Similarly, data‑driven technology can help fortify a business’s core digital infrastructure, while pushing its competitive limits to achieve its objectives. However, high‑end exercise bikes and data‑driven technology are not going to make us fit for success on their own. They are just tools.

As technically amazing as the bike may be, it will only help the individual get fit if they:

1. Approach exercise with the mindset that being fit and healthy is of significant value,
2. Create a fitness plan to meet their ideal targets, and
3. Understand and implement exercise best practices to optimize fitness outcomes.

Likewise, as amazing as emerging technology might be, it will only provide value to a company if it:

1. Approaches decision‑making with the mindset that data‑driven insights are of significant value,
2. Creates a strategy to meet business goals, and
3. Understands and implements data governance best practices to optimize analysis outcomes.

A proper mindset, strategy and data governance framework will not only strengthen a company’s data management but provide the foundation to adopt more complex tech now and in the future.

Returning to our bike analogy, we need to stop focusing on the high‑end bike that will get us up the mountain and face the reality that without regular exercise, we may not even make it to the base of the mountain from our current destination. Not on time, anyways. But if we are fit and armed with the right mindset, fitness plan and best practices, we will be prepared to face whatever tomorrow’s challenges are.

Meet the Author

Brenda Scott
Cobourg, Ontario
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