AI in Physical and Digital Asset Management

Vanson Bourne conducted a global study — sponsored by Iron Mountain — of 700 IT and data decision-makers, showing that the vast majority (93%) of respondents’ organisations use Artificial Intelligence (AI). AI’s prevalence is notably present in data asset management, with organisations leveraging it for various purposes — from data utilisation and regulatory compliance to automating routine processing and increasing collaboration across teams.

Here, we’ll unpack AI’s increasingly prevalent role in data asset management, looking into trends, benefits, and common use cases. We’re also going to consider some of the challenges of implementing AI into a unified asset management strategy, and how Iron Mountain can help.

AI’s impact on data asset management: 5 key benefits and applications

AI offers novel solutions to old problems: the challenges of deriving maximum asset value, mitigating security risk, ensuring regulatory compliance, and enhancing operational efficiency. Today, it’s less of a question of if an organisation will implement AI, than of how and for what purposes.

In data asset management, AI’s utilities span asset allocation, risk management, predictive analytics, data utilisation, and asset value.

1. Asset allocation

   AI-driven asset allocation involves the use of machine learning algorithms to optimise the distribution of resources across various digital and physical assets. By analysing historical data and current market trends, AI can predict the best ways to allocate assets to maximise returns and minimise risks.

   In practical terms, AI can help in determining which physical documents should be prioritised for digitisation based on their relevance and usage patterns. Another common example of AI-driven asset allocation is the informed reallocation of server resources in cloud data centres to balance load and improve performance. By continuously analysing server usage patterns, AI can automatically redistribute workloads to prevent bottlenecks, ensuring optimal performance and resource utilisation.

2. Security risk mitigation

   AI can analyse large amounts of data in real-time to identify potential security threats. Machine learning algorithms can be trained to detect anomalies in network traffic, user behaviour, and access patterns, which may indicate a security breach or cyber attack. For instance, deep learning models can recognise phishing attempts in email communications by analysing the content, metadata, and sender information.

   Moreover, AI-powered intrusion detection systems (IDS) and intrusion prevention systems (IPS) can provide continuous monitoring and automated responses to detected threats, reducing the response time and minimising potential damage. Additionally, AI can enhance endpoint security by predicting and preventing malware infections through behavioural analysis and threat intelligence integration.

3. Predictive AI Analysis

   AI works to analyse historical and real-time data to predict future trends and outcomes; that way, organisations can make informed operational decisions. Predictive AI analytics can be applied to various aspects of digital and physical asset management — particularly in the use case of manual process improvement. In invoice processing, for instance, AI can anticipate delays, identify discrepancies against purchase orders, and even automate payment schedules based on past behaviours and terms.

   Similarly, predictive analytics can help organisations anticipate data storage needs, ensuring that sufficient capacity is available to meet future demands. This foresight helps IT teams manage the lifecycle of digital assets, prevent data loss, and optimise storage costs.

4. Data Utilisation

   As organisations continually look for ways to get the most out of their data, more are now turning to artificial intelligence for advanced data utilisation strategies. AI can enhance data extraction, transformation, and loading (ETL) processes, making it easier to aggregate and analyse large datasets from disparate sources. In that vein, machine learning algorithms can automatically classify and tag unstructured data, making it searchable and accessible by various applications.

   Generative AI data utilisation can also involve natural language processing (NLP) to extract valuable insights from text-based data, whether emails, documents, social media feeds, or others. Practically, AI can transform raw data into actionable insights by identifying patterns, trends, and correlations that people may overlook.

   Moreover, AI can facilitate real-time data utilisation by enabling streaming analytics, where data is processed and analysed as it is generated. This capability is commonly leveraged for applications that require immediate insights and actions, such as fraud detection and real-time inventory management.

5. Asset value maximisation

   AI can enhance the value of both digital and physical assets by optimising their utilisation and extending their lifecycle. For digital assets, AI can improve data quality through automated data cleaning and enrichment processes, ensuring that the data is accurate, complete, and relevant. This increases the usability and reliability of digital assets.

   For physical assets such as workplace IT assets, AI can optimise maintenance schedules, predict equipment failures, and recommend the best times for upgrades or replacements. This minimises downtime while also reducing maintenance costs; it also extends the useful life of physical assets. Additionally, AI can help organisations identify underutilised assets and recommend ways to repurpose or redeploy them, maximising their value and contributing to a more sustainable IT asset management strategy.

AI in asset management: Common challenges that businesses face

Implementing AI in data asset management yields significant benefits, yet it also introduces several technical and operational challenges. These issues can impact the efficiency and accuracy of AI solutions, potentially preventing the achievement of desired outcomes.

Data quality and integration: AI algorithms require accurate, clean, and well-integrated data from various sources. However, data within organisations is often siloed and inconsistent. Inadequate data quality can lead to unreliable AI predictions and insights, thereby diminishing the effectiveness of AI initiatives in managing IT data assets. Yet, integrating disparate data systems and ensuring the data meets the quality standards for AI applications is a significant task, necessitating specialised expertise.

Security and privacy: AI systems often require access to sensitive data, raising the risk of data breaches and unauthorised access — so much so that regulatory bodies are increasingly implementing stringent legislation and frameworks. The Privacy Act 1988, in particular, regulates the collection, use, and disclosure of personal information by organisations — imposing specific obligations to ensure the protection of data under Australian law. These obligations include the necessity for entities to take reasonable steps to protect personal information from misuse, interference, and loss, as well as from unauthorised access, modification, or disclosure. Maintaining a balance between leveraging data for AI-driven insights and upholding privacy rights requires continuous monitoring and adaptation to evolving legal requirements.

Algorithm bias and transparency: AI models can inadvertently learn and perpetuate biases present in training data, leading to unfair or discriminatory outcomes. This poses reputational risks in particular, while also undermining the reliability and fairness of the AI system's outputs. Ensuring algorithmic fairness requires ongoing efforts to identify, mitigate, and monitor biases within AI models.

To address these challenges and ultimately ensure that AI’s adoption yields its intended results, companies are adopting a unified asset strategy. Through this method, companies can streamline their data management processes, integrate disparate data sources, and maintain high data quality standards. This holistic approach not only enhances the reliability and accuracy of AI predictions but also ensures compliance with security and privacy regulations.