Marketers today are facing unprecedented levels of data saturation. Data sources are everywhere, from emails, PowerPoints and reports to primary research, syndicated sources, smart devices, apps and social media. This tsunami of data can overwhelm even the most seasoned insights and marketing professionals, leading to a condition called “infobesity.”
Infobesity adds stress and ambiguity to important decision-making processes, and its impact has been felt for decades. In the 1996 Reuters report Dying for Information, two-thirds of managers reported that information overload was causing tension with their colleagues and loss of job satisfaction, and 43% said that important decisions were delayed because of too much information.
In 2010, a Basex survey found that the problem had only intensified: 94% of knowledge workers surveyed reported feeling “overwhelmed by information to the point of incapacity” at some point, and over 50% said the amount of information they are presented with on a daily basis was detrimental to achieving their work tasks.
Infobesity doesn’t just stress managers and teams – it stresses the business as well. Without a systematic approach to collecting and managing large sets of data, people across different functions end up purchasing the same kinds of data over and over again, and the data saturation cycle begins anew.
In an ideal world, more data should provide more options and more informed decision making – but our human ability to ingest, understand and leverage data just hasn’t been able to keep up. Decision-makers typically cope by relying on instinct over evidence or simply cherry-picking the data that suits their hypotheses.
Smart organizations know to address infobesity sooner rather than later, by tailoring their information flows to the most important decisions. The herculean task of ingesting, managing and leveraging data for business decisions can be assisted with the help of Artificial Intelligence.
Some of the world’s best brands run end-to-end market insights platforms to help them make sense of the mountains of consumer data at their fingertips. A powerful Insights Engine combines a unique understanding of the marketing domain with state-of-the-art AI and machine learning technologies to connect and learn from all consumer and market data.
The Insights Engine ingests and onboards all kinds of relevant data and tools then extracts relevant information and connects it in a knowledge graph. It synthesizes insights hypotheses for the human eye to review and use, while also generating tailored, actionable answers to business questions.
That’s how, for example, Mondelez was able to put relevant consumer insights right into the hands of business stakeholders, leveraging a $175 million knowledge asset from all past research. It’s how E.ON saves over 6 hours per person per business question – by cutting down on search time and collating answers across regions, units and departments. The Insights Engine also powers Coca-Cola’s market insights platform, which is home to over 18,000 projects and more than 95,000 documents.