Our mission was to ensure that the assets we were working with were usable by someone ~100 years from now.
We would take something like an LP (Ray Charles was one of my favorites) and play it and record it in a lossless wav at a high bitrate. Then we'd take the physical record, the entire sleeve, and anything else included and scan that at 300dpi in tiff. Of course, we'd document every piece of equipment we used (down to the serial number) with every setting and who did the work. If we later realized a given piece of equipment was misconfigured, we could detect what had been created with it and adjust or re-create as necessary. I wrote some of the standards (XML schemas) for metadata collection which were still in use as late as 2015. (They may still be, I haven't checked.)
Whew.
Then we'd take a version of the audio and images to create mp3s and jpgs for listening+viewing in the reading rooms. The original physical media would go into nitrogen filled vaults in Culpepper, Virginia to prevent oxidization and further deterioration.*
We had similar processes for other media like books, wire spool recordings (popular in WW2), wax cylinder recordings, and pictures around the Civil War. Many of them were exceptionally fragile and required special equipment. My least favorite but most fascinating were Thomas Edison's first motion pictures.
Pop quiz: What does cotton and silver nitrate degrade into? ;)
But in all of those cases, we could go back to the original media which - hopefully - hadn't deteriorated beyond recovery. In a digital-first or digital-only environment, we're counting on fragile components storing rotting file formats on deprecated operating systems in physical locations that may suffer disasters.
* At the time, the RIAA was complaining endlessly and we may have made jokes about RIAA execs and those vaults but I can neither confirm nor deny any such proposals.