Today, data has become important for all businesses, driving innovation and improving decision-making abilities. But have you ever wondered how the companies are managing their valuable data? Well, the answer to this is Data lifecycle management (DLM).
DLM means managing an organization’s data through a lifecycle. From data creation to its final destruction, this approach is beneficial. A quality data life cycle brings structure and organization to a company’s data resulting in improved data security and availability. A special data management life cycle also lets companies lower data breaches’ risks, loss, or system failure as well as boost data recovery practices.
This blog guides you through all the aspects of the data life cycle, its key stages, benefits, and much more.
Data Management Life Cycle: All Stages
Explained below are the main stages of the data life cycle which all businesses must know:
1. Data Creation
It is the primary and the most significant data life cycle phase – data creation. Data can be represented in several forms and shapes but is mostly created in three ways including data acquisition, entry, or capture. However, one does not need to collect all the data, but make sure it is evaluated based on its relevance and quality.
2. Data Storage
Once the data has been created, it needs to be stored and protected with maximum security. The company must implement backup and recovery processes to ensure the safety of data in case of malicious attacks, data corruption, deletion, or accidental alterations.
This phase also makes certain that systems are working as per the standards to ensure availability and reliability and to implement redundancy and disaster recovery.
3. Data Usage
The next important data life cycle phase is accurately using the data for fulfilling organizational goals and routine tasks. Data usage means the actual use of the data is based on the application and the business environment it operates in. Employees at any point in time should be able to view, change, process, and save the data. Also, maintain an audit trail to trace all the data modifications.
Data usage can result in the creation of additional data, which then must be stored and used in the future.
4. Data Archival
Along with saving and using new data, it is important to archive the old data, which has not been in use. Archiving data means placing unnecessary data in a separate place where it can be stored for a certain period of time to be used in the future if needed. The data can be kept at this particular place with no maintenance or usage. The data must be fully protected, similar to the way active data is saved.
5. Data Destruction
This is the last and the final stage in the data life cycle. Data that has not been used must be purged from an organization’s records and fully destroyed in a secure manner. Companies can delete data they are no longer required to free up storage space for new meaningful data. When the archives exceed its size, outdated data is removed.
Companies must look into data optimization ways to make their businesses more scalable and efficient along with protecting their users.
Why Following the Data Management Lifecycle is Important
There are several reasons why businesses should govern data out of which a few are written below:
- To ease data storage and backup
- To easily evaluate the organization’s data
- To break down accumulated data silos
- To ensure privacy and regulatory compliance.
- To avoid data inconsistency
- To prevent data errors and misuse
- To enhance analytics accuracy
- To improve data security
Benefits of Data Lifecycle Management
Along with streamlining the flow of information and optimizing data throughout its lifecycle, a DLM offers numerous other benefits as well including:
Data Regulations Compliance
Many industries have to meet standard rules and regulations for a certain period. For the same, DLM is highly purposeful as it helps businesses comply with regulations at both local and regional levels. It also helps meet other needs such as audit, legal, and investigations.
The data management life cycle ensures that businesses can take complete advantage of digital technologies and create a more secure and safer environment.
Data Governance
Organizations these days rely on data to improve their business operations and make the right decisions. An effective data life cycle management strategy ensures the constant availability of data. Also, you get access to consistent and reliable data that perfectly aligns with data privacy regulations.
Simplified Data Access
Data lifecycle management eases data sharing and availability. This approach makes data easily accessible for employees letting them quickly perform data processing and make more well-informed business decisions while also boosting customer experience.
Data Protection
Due to growing cases of cyber threats, saving crucial data has become paramount for all businesses. DLM helps businesses safeguard their crucial data from theft, loss, and cyberattacks. It lets businesses define how their data is treated, used, saved, and shared. This also helps lower the risk of data breaches and prevent critical information from being misused.
Value and Efficiency
Businesses looking for ways to improve their operational efficiency for better results can opt for this approach. Data lifecycle management lets businesses enhance their overall efficiency and the efficiency of their IT infrastructure which helps manage routine activities in a systematic way.
Why is the Data Life Cycle Crucial for Business Success?
Data life cycle management has become an important aspect of modern business operations, letting organizations effectively manage their data from creation to deletion. By having a dynamic DLM strategy, businesses can explore the full potential of their data assets, driving innovation, growth, and success.
With growing businesses, developing a robust DLM has become a critical factor to ensure the safety and security of data for organizations of all sizes and industries.
Kodehash- Your Trusted Partner for Data Life Cycle Management
If you are looking for a trusted software development partner who can help you in the software development process, then Kodehash Technologies is here to help you. We have years of experience in the application development process and build customized digitalization strategies for you while ensuring the top level of privacy for your project.
From thoroughly analyzing your business to designing, developing, and deploying the final product, we ensure the highest quality while serving industries including healthcare, construction, fintech, hospitality, logistics, etc.
If you have any questions or want assistance regarding software development, don’t wait, rather connect with us. Our team of expert developers is here to provide you with the information and assistance you need.