In today’s online era, data has become a valuable asset for businesses in various sectors of industry. So in this article, we are going to get comprehensive information about Data Lifecycle Management (DLM). Like what is included in DLM. Why it is important for organizations to implement a strong DLM strategy.
The most accurate description of Data Lifecycle Management (DLM)
Data Lifecycle Management (DLM) is a comprehensive approach that covers the entire life cycle of data from initial creation to archival or disposal.
Data Lifecycle Management consists of several phases including data collection, use, storage, disposal and archival. The main goal of DLM is to properly manage, protect and organize data. Simultaneously optimize value and manage risk.
Now let us easily understand the step by step process of Data Lifecycle Management (DLM).
Phases of Data Lifecycle Management
Data Lifecycle Management is completed in several important phases:-
1. Data generation and Collection :- Data creation and collection is the first phase of the data life cycle. It can come from a variety of sources – customer interactions, transactions, IoT devices, social media, or third-party data providers.
2. Storage and Organization of Data :- Once the data is collected, it needs to be stored and organized securely. This facilitates easy retrieval and analysis. Let us tell you that DLM is based on suitable storage systems including database, data lake or cloud-based.
3. Data processing and analysis :- In this phase of data lifecycle management, data is converted into meaningful insights through processing and analysis techniques such as data cleansing, aggregation and statistical modeling. Let us tell you that DLM uses special analytics tools and algorithms to generate valuable information, identify patterns and make data driven decisions.
4. Collection and Retention of Data :- Not all data remains relevant indefinitely. This phase of data lifecycle management involves moving data to cost-effective storage solutions while ensuring its integrity and accessibility for future reference or compliance purposes.
5. Disposal and Destruction of Data :- When data reaches the end of its life cycle and becomes useless or redundant, it should be disposed of properly keeping privacy and security in mind. DLM insists on secure data destruction methods like data wiping to protect the data.
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