SW Accountants CIO on driving AI-powered business growth through strategy, security, and skills

In this CIO Edge interview, Michael Fugaro, Chief Information Officer at SW Accountants & Advisors, explores the strategic journey of AI adoption within organisations, focusing on efficiency, productivity, and data-driven decision-making.

He emphasises the importance of leveraging existing platforms such as Microsoft Copilot while also developing bespoke solutions tailored to business needs.

However, a key challenge remains in unlocking AI’s full potential, which is heavily dependent on data quality, accessibility, and governance. Michael stresses that organisations must invest in structuring and securing their data to ensure AI can deliver meaningful value.

A critical aspect of AI implementation, according to Michael, is balancing innovation with security and compliance.

With increasing regulatory changes, such as updates to Australian privacy laws and international frameworks like GDPR, companies must ensure data protection while embracing AI-driven efficiencies.

He highlights the need for strong cyber security measures and governance frameworks to mitigate risks, including AI bias and unintended outcomes.

Michael underscores the importance of setting clear AI principles and guidelines, aligning AI strategies with business objectives, and fostering organisational education to drive safe and effective AI usage.

Building AI capabilities within teams is another significant challenge, given the high demand for AI specialists, data scientists, and analysts.

Michael outlines a dual approach: upskilling existing employees through targeted training and partnering with external technology providers to bridge skill gaps while executing AI initiatives.

His insights align with ADAPT research, reinforcing the need for structured AI roadmaps, strategic investment in AI education, and collaboration between business and technology teams.

Successful AI adoption requires a holistic approach—integrating technology, security, workforce development, and strategic alignment to drive real business impact.

Key takeaways:
Data is the foundation of AI success: Unlocking AI’s full potential depends on high-quality, well-governed data. Organisations must focus on structuring, securing, and making data accessible to ensure AI can drive efficiency, productivity, and strategic decision-making.

Balancing innovation with security and compliance: AI adoption must be accompanied by strong cybersecurity measures and adherence to evolving data privacy regulations, such as Australian privacy laws and GDPR. Companies need clear governance frameworks to mitigate AI risks, including bias and unintended consequences.

Building AI capabilities requires a dual approach: Given the high demand for AI and data expertise, businesses must invest in upskilling employees while also partnering with external technology providers. A structured AI strategy that aligns with business goals and workforce development is essential for long-term success.

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