Privacy, security, compliance at risk due to overwhelming growth of data
New approaches are needed to address the so-called "information hyperinflation" across organisations in Australia - with AI seen as a top candidate to help manage the issue.
"Information hyperinflation" refers to the overwhelming growth of data and sources of information fuelled by various reasons, such as the widespread use of collaboration tools, according to an analysis from the Intelligent Business Research Services (IBRS).
A survey among roughly 400 information management professionals revealed that only 28% are confident that they are managing the ever-increasing volume of new information well.
According to the report, organisations are left grappling with major information management challenges such as:
- Meeting privacy, security, and compliance requirements (49%)
- Managing information across multiple locations or sources (51%)
- Inability to cope with the ever-increasing volume of information (52%)
"In this study, information management professionals indicate that new approaches are needed to deal with the sheer scale of the data problem as they strive to ensure compliance," said Joseph Sweeney, Global Research Director at IBRS, in a statement.
AI's impact on 'information hyperinflation'
Sweeney said there is a "growing belief" that AI tools designed to automate routine tasks can help manager the impact of information hyperinflation.
This potential is not lost among organisations, as 29% of the study's respondents said they are already considering or experimenting with AI-employer information management tools.
According to the information managers, AI will be better at classifying information than humans and will help solve information management problems.
But there are also a couple of concerns coming from information managers, such as job security, a sentiment shared by many employees across the world due to AI.
There are also several privacy concerns, including fears that AI could potentially leak confidential data or personally identifiable information.
Source: Content Cognition to the Rescue in the Age of Information Hyperinflation
