Until not long time ago our challenge was to find the relevant information for decision making. These days our challenge is to cope with information overload in decision making!
Not only the access to information has opened up, but also our universe of available "options" and "selection parameters" have expanded in all possible dimensions.
To provide context, lets first look at the volume of data we are talking about:
- In entire human history, until 2003, 5 exabytes of information was created. (one exabyte equals 10^18 bytes).
- During 2006, approximately 161 exabytes of information were created.
- In 2010 over 900 exabytes of info got created or more than 2 exabytes every Day!!
(That includes over 200 billion emails and more than 28,000 hours of YouTube video uploads per day)
- And in 2020 we expect to create 35,000 exabytes of data, or 35 Zettabyte.
According to a recent research at Center for Neural Decision Making at Temple University our decision making ability and quality decreases with information overload. People start making stupid mistakes and bad choices.
Along the way subject matter experts are adjusting and learning how to filter noises. But for everybody else decision making is getting harder (a.k.a decision paralysis syndrome!).
This to me is another reason why knowledge modeling is going to become more and more important. Knowledge Models can focus on what matters and learn to filter noise, as experts do.