Data lifecycle management can be defined as the different stages data traverses throughout its life from the time of inception to destruction. Data lifecycle stages encompass creation, utilisation, sharing, storage, and deletion. Each stage of the data life cycle is controlled through a different set of policies that control data protection, resiliency, and regulatory compliance.
Companies rely on different types of data to generate and grow revenue, create new market opportunities, and compete in the marketplace. The limitless potential of data can be harnessed by focusing on data protection, data security, data resiliency, and compliance. Data can be treated like any other physical asset in a company and plays a key role in the business decision-making process.
Some advantages of data lifecycle management include;
- 1. Meeting the requirements applied by each industry sector for data storage targets
- 2. Building a good data protection infrastructure in the event of risk or emergency. This applies to internal information and customer data
- 3. Extraction and maintenance of information throughout the data cycle allowing updated values to be always available
4. Availability of useful, clean and accurate data available to all users, increasing the agility and efficiency of your company’s processes.