“We are buried beneath the weight of information, which is being confused with knowledge.” Tom Waits
In today’s world of data overload, the search for usable information can be likened to taking a sip from a fire hose.
The term VUCA – volatile, uncertain, complex and ambiguous – was coined in the late ‘80s; since then, the world has truly become all these things for decision-makers. New model approaches are needed to address these challenges. At the same time, countless ideas for new, progressive analysis and modeling approaches have been created to address complex issues, and their number is growing rapidly.
This gives rise to new research questions that are equally relevant for scientists and practitioners:
Which new data science approaches are best suited for the various marketing and decision-making questions? How can their performance be measured? What are the benefits and drawbacks of the various approaches?