Does Your Business Have a Data Lifecycle Strategy?

Data Lifecycle Management (DLM) has become an important, yet overlooked part of any IT business strategy in recent years. At its most basic level, DLM is a policy-driven approach that is often automated to ensure data is as useful as possible during its lifespan. But what exactly does this mean and what makes a data lifecycle strategy so important? 

Businesses are continually capturing new data that is entered into a vast database. This data can create specific reporting, improve analytics, or be leveraged to support the business’s bottom line. On the other hand, this data could sit in a database until it is no longer useful. No matter which lifecycle this data has, it will inevitably reach a point where it is no longer valid and will need to be deleted or archived. 

It is easiest to think of DLM as a guiding set of principles that help define and automate the useful life stages of data. A data lifecycle strategy should specify what happens to data once it is collected – from the point it is initially gathered until it ultimately is purged. Having a plan for any of the captured data is critical for success in the modern age of business. Although an excellent data lifecycle strategy improves data security, it also eliminates the chances of other issues like duplication that could further cause problems. 

The Benefits of a Data Lifecycle Strategy for Business 

There are many different reasons why a business would want to implement its own DLM process. This can range from simple compliance to improving data security. However, there are many benefits beyond the immediately visible for any business that is willing to take the time to create a data lifecycle strategy. Some of the key benefits that should be considered include: 

  • Improved Compliance – Each industry is subject to specific rules and regulations for data retention, particularly with modern privacy laws. Having a DLM plan in place ensures compliance and governance at each step of the process. 
  • Enhanced Security – A useful data lifecycle strategy should ensure that all data collected by a business remains secure if an emergency occurs. This can help contain customer data by ensuring it is not duplicated into unsecure environments. 
  • Upgraded Efficiency – As one of the core metrics for IT teams, efficiency is much more achievable when data is readily available and easily found. In most cases, automation will further expand a data lifecycle strategy to enable greater efficiency. 

Any business that currently operates without a data lifecycle strategy should begin planning theirs immediately. Since data has become a crucial part of any business plan, having a way to store, track, and utilize it is essential. Excipio Consulting can help fulfill this need through a thorough review of the current state of an organization’s IT infrastructure and what resources will be needed in the future. If you are interested in learning more about Excipio Consulting’s services, please call our corporate office at (918) 357-5507.

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