Data is like the lifeblood of any business—everything from customer information to transactional details flows through its veins. However, managing all that data can be a huge challenge. That’s where Data Lifecycle Management, or DLM, comes in. Simply put, it’s having a set of processes and policies that dictate how you handle, store, and eventually dispose of data.
Businesses are producing more data than ever. From the customer experience to social media to the increasing number of tech devices, your business has a lot to deal with. As data increases, having a fool-proof plan in place is paramount. DLM isn’t just about keeping things in order; it’s a separate task of assuring security, compliance, and efficiency all in one.
What is Data Lifecycle Management?
Think of DLM as a set of regulations on handling data within your business. It starts as soon as the data is created, and it goes through various stages:
- Storage
- Usage
- Sharing
- Archiving
- Permanent Removal
Each of these stages poses its own unique set of challenges. Let us take storage as an example. If data is not stored securely, it is susceptible to breaches and risks harsh legal consequences. Crucial information could be lost or risked when you erase this data. In other words, your removal process could be violating data protection laws if not executed it correctly. The crux is that detailed information management plans are needed at every level. The plans you have in place are essential to ensure your business protects its data from threats and leverages it effectively in the future.
The Importance of Data Lifecycle Management
Device Security
As you are aware, the frequency of cyber-attacks on companies’ systems is increasing—big or small, no one is excluded. This is precisely why security is the foremost concern regarding DLM. Throughout its life cycle, data must be protected from threats. Unauthorized access, attempts to hack, or people mishandling data out of carelessness could cause major obstacles. A well-formulated DLM system works to thwart these problems by enabling safety measures. These measures include restrictions on access, usage of encryption, and consistent monitoring.
Compliance with Regulations
If your business faces the bureaucratic route of data laws like GDPR, HIPAA, and CCPA, it is apparent how difficult it can be. These laws are in place to protect people’s privacy, and not sticking to them can lead to high fines and a damaged reputation. In contrast, DLM deals with data guidelines and practices that are updated in a compliant manner for the recent laws. This way, your business can avoid legal actions being taken against it.
How a Business Operates
It is crucial to manage data in order to both mitigate risks and enhance the overall operations of your business. With the right policies, you can save on extra costs associated with storage; retrieving information will be easier, and allow all employees to receive the assistance they need.
Trouble with Managing the Data Lifecycle
Let’s be real: data management is hard work. Below are some of the most common issues you may encounter:
Volume of Data and its Type
Your business has to deal with a lot of data, and as a result, you can face challenges that may seem insurmountable. There is structured data like databases and unstructured data like emails and social media posts. The challenge is finding a storage facility that has the capacity to hold the data and give it space to grow.
Blocking and Data Stealing
As we discussed previously, data hacking is a major issue. It does not involve protecting data from external entities alone; it requires more than that. Businesses need to put regulations in place to comply with privacy laws, ensuring the data is secure from the point it is collected. Data collection requires consent, reducing data usage and guaranteeing that when sensitive data is not required, it is deleted correctly.
Data Hoarding and Losing Original Essence
Have you ever made a decision based on false or misleading information? It is one of the most annoying things that have ever happened, as it can potentially lead to some very costly blunders. Hence, you should never compromise data quality. For DLM strategies, it means having processes for verifying countable data, checking for errors, and performing many other tasks that ensure the data is reliable over time.
Data Keeping and Deletion
Deciding what data to keep or delete is complex and needs a good balancing strategy. Maintaining data for too long means you will end up paying for unnecessary storage. On the other hand, deleting data too soon might lead you to lose critical insights and run into legal issues. Having a solid DLM plan helps set clear retention policies based on legal requirements and business needs. DLM helps ensure that once the data retention policies are met and the data is no longer needed, you can safely delete it.
Data Accessibility and Availability
The crucial factor determining whether data is valuable is its availability when needed. Data goes through a life cycle and, at every stage, can possibly be archived or stored in various geographic locations, which sometimes makes it difficult to access. To ensure your business continuity planning goes smoothly, your company must guarantee that stored data is available at the right time, even in system breakdowns.
How BIT Insight Group can help
Data lifecycle management may sound overwhelming, but it doesn’t have to be. BIT Insight Group focuses on helping firms like yours optimize data management. Whether it’s setting up secure storage solutions, compliance processes, or having a strategy for data deletion, our expert team is at your service.
Contact us today to take charge and control how your data is processed. We will guide you on the measures, infrastructure, and company procedures that ensure safe, compliant, and effective data management.
