Discover the Power of Data Lifecycle Management and Implement a Winning Strategy, 01 May 2023

The many phases that data goes through, beginning with its production or acquisition and ending with its deletion, are collectively called the data lifecycle. These phases often comprise data generation, data storage, data consumption, data sharing, data archiving, and data deletion. Data analysis and transformation, the cleansing and validation of data, and data backup and recovery are all examples of activities that may be included in the data lifecycle. Businesses can adopt efficient data management practices if they have a solid grasp of the data lifecycle. This will guarantee that the data is utilised correctly, safely, and effectively throughout its existence.

The following are the stages involved in putting into action a strategy for managing the data lifecycle:

Identify the kinds of data that will be included, the systems and applications that will be covered, and the stakeholders that will be engaged in the next stage, which is to define the scope of the strategy. This is the first step in the process.

Formulate rules for the categorisation of data. Formulating policies for data classification is vital in defining which data should be saved, how it should be stored, and who should have access to it. When you classify data according to the amount of sensitivity it has, you can prioritise the security measures that are required to secure that data.

First, let's discuss retention policies and what they do. Put, retention rules are guidelines that indicate how long data should be maintained and in what form. The requirements of the law, regulations, and the company should form the basis of any retention rules.

Establishing data backup and recovery methods is essential to ensure data can be accessed when required. Data backup and recovery procedures are vital to ensuring that data can be accessed when required. You need to decide how often backups will be done, where they will be kept, and how to restore them if anything goes wrong.

Create rules for the disposal of data. These policies should indicate how data should be destroyed or removed when it is no longer required. This is a critical step in preventing unauthorised people from gaining access to sensitive data to protect it.

Establish a monitoring and reporting system. Establishing a monitoring and reporting system is vital to ensure that the DLM strategy is successful. Implementing technologies that enable you to manage data consumption, monitor compliance, and produce reports should be a priority for your organisation.

Employees need to go through training. Employees need to go through training on the DLM approach and the rules and procedures that have been created. This training must be continual, particularly because new personnel will join the team and new technology will be implemented.

Maintain a consistent review and update schedule. The DLM strategy should be evaluated and updated on a constant review and update schedule to ensure that it continues to be relevant and practical. As part of this assessment, you should assess how well the policies and procedures have been implemented and any modifications to the applicable legal or regulatory requirements.

In conclusion, putting into action a strategy for the management of the data lifecycle requires defining the scope, developing policies and procedures, establishing backup and recovery procedures, defining retention policies, developing data disposal policies, putting into action monitoring and reporting, training employees, and continuously reviewing and updating the strategy. By adhering to these processes over the whole of the data's lifespan, organisations may increase the likelihood that their data will be appropriately managed.

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