Dear Canada, are we behind on the data race?
We spoke with Elevate Cofounder and Head of Deloitte Data, Bilal Khan, about his recent Globe & Mail article on Canada’s competitiveness when it comes to data. Data is the currency of the new economy and while Canadians regularly hand data over to U.S. giants, we’re resistant when it comes to our homegrown institutions. Canadians need to wake up to the new reality that our economy deals in data. To stay competitive Canada needs to focus on the right question: the concern is not whether we should be collecting data, but how we can start using it more strategically to keep our businesses competitive.
Bilal Khan, Elevate Cofounder and Head of Deloitte Data on the Elevate Main Stage
Which actions should the Canadian government take to help establish Canada as a leader in the data revolution?
Canada needs to develop a comprehensive data strategy that enables the Canadian industry to compete with a rich, national data set. One that provides meaningful insights for Canadians, on Canadians, in an ethical, secure, and responsible framework.
What do Canadian companies need to do differently to make data an effective part of their competitive strategy?
There’s a lot that needs to be done. Most companies do not even have data that is accessible and functional within their firms. They’re still trying to figure out how to develop advanced analytics offerings and do not have the infrastructure in place to do this in real time.
Why do you think Canadians are more willing to give their data to U.S. companies and how can we build that trust within our borders?
Most Canadians are simply unaware of how their data is being consumed and commercialized. We need to be educating our population on the role of data in our lives, and place a high importance on the security and privacy of how we use that data.
Read the full article here.