Managing data properly has the power to propel businesses.
But how do you make the transition between managing bits of data to masses of it?
Welcome conversational data lakes.
What is a data lake?
According to AWS, a data lake is;
‘A centralised repository that allows you to store all your structured and unstructured data at any scale. You can store your data as-is, without having to first structure the data, and run different types of analytics—from dashboards and visualisations to big data processing, real-time analytics, and machine learning to guide better decisions.’
What does it mean for data to be conversational?
Businesses want to create intelligent platforms that use data to drive actionable insights. More often than not, this means using Gen AI to bridge data and decision-making together, in a more conversational and interactive manner, to empower users and help them become more engaged.
How do data lakes work in procurement?
Gen AI learns from both itself and its users. So, the idea exists that conversational data lakes become sufficiently self-aware to suggest strategic decisions to the user, provide ‘implementation considerations, present real-world examples, and address risks and challenges.’
By integrating with digital platforms and Gen AI, data can automatically be cleaned and kept up to date, to keep providing users with relevant and real-time data. Across the board, businesses are taking too long to recognise that they need to leverage data as a strategic asset. Doing so offers an invaluable contribution to the company’s innovation, competitive advantage and decision-making.
What is the impact on procurement?
- Conversational data lakes and Gen AI can communicate with other tools that are implemented into an organisation’s processes, and suggest effective decisions
- Data lakes need to be future-proof and continue learning from themselves and the user
- Construction requires careful consideration of ethical implications
- Procurement data can be analysed, to produce further points where action needs to be taken in specific functions
- Procurement is heading towards a digital future: it will continue innovating, developing and providing growth opportunities for businesses and individuals (including skills, expertise and job prospects)
- Data is key for effective decision-making. So, ensure your lakes are up to date with relevant information (this could mean using automated digital tools to ‘clean up’ your data)