What Exactly is Information Lifecycle Management (ILM)?

From Informatica:

“Information lifecycle management (ILM) is the effort to oversee data, from creation through retirement, in order to optimize its utility, lower costs, as well as minimize the legal and compliance risks that may be introduced through that data.

“ILM involves storage optimization as well as strategies to improve data quality and security. Finally, a strong information lifecycle management practice will proactively control data retention and disposal in accordance with business policy.”

Why is Information Lifecycle Management Important?

Most organizations don’t leverage their information effectively. There are varied statistics out there but one assessment says that 60-73% of company data goes unused. It lies dormant in some repository, forgotten about, taking up space that costs money and may even violate compliance requirements.

Ultimately, the information your organization creates is one of its most important assets. A good strategy must carefully manage and protect that information, particularly when customers have entrusted it to you. The past decade has seen the advent of evolving regulatory compliance and privacy requirements — like GDPR and CCPA — which now sit at a crossroads with an upsurge in digital data volume.

Companies must sustain good governance policies over rapidly increasing quantities of information. This is not an effort that can be delayed. The most prosperous businesses of the next decade will be those that can locate, categorize, and enforce control over their information.

The consequences of doing nothing (or very little) can have vast and amplified effects on the organization at-large over time. When it comes to enterprise information, they need to secure it, deduplicate it, and dispose of it at the proper time. Serious consequences include:

  1. Legal and regulatory exposure. Many regulations specify how long data must be kept. There’s no benefit to keeping it longer and, in fact, could present risk if sensitive information is still discoverable past its useful lifetime.
  2. Cost. A Veritas study estimated that poor information governance will create 1 billion of avoidable storage and management costs worldwide by 2020. Unnecessary data storage costs money.
  3. Access. Obsolete or irrelevant information mixed in with critical information slows down access and creates the potential for confusion and errors.

Information Lifecycle Management Visualized

Our friends at Iron Mountain published an infographic which succinctly lays out a 5-step information lifecycle management path. Businesses are creating a massive volume of information, but what happens to those documents? Are they handled appropriately? Are the disposed of or taking up costly space on a server somewhere?

Take a look at the infographic and follow the path:

The concept that Iron Mountain visualized is that documents and information should have a defined lifecycle with five steps — encompassed by awareness of compliance measures.

  1. Create. Create information and classify it with metadata according to organizational standards.
  2. Use. Make information available to certain individuals and applications in support of organizational goals and obligations.
  3. Retain. Protect information by storing it in secure repositories according to retention policy.
  4. Preserve. Safeguard information to meet legal, regulatory, operational and archival requirements.
  5. Dispose. Destroy or archive information at the end of its useful life according to formal procedure.

Simplifying Information Lifecycle Management

Regrettably, many organizations — even large ones — depend on manual processes for information lifecycle management and that makes the process slow and inaccurate. M-Files can automate much of the process to free up staff time to work on more strategic projects. It can also save time and headaches in the event of a discovery demand or regulatory request.

The M-Files intelligent information management platform has a role in all five phases of the information lifecycle, simplifying every process, and here’s how:

Create

At the inception point of a document, it can be classified with metadata — even with the help of built-in AI — and governance rules can be applied with workflow rules to flag that information for proper archival after its useful lifetime.

Use

With customizable, dynamic permissions, access rights are controlled tightly, and usage policy is inherently well-defined.

Retain

M-Files offers a cloud, on-premise or hybrid deployment allowing for flexibility and security in data storage — aligned with any compliance or governance policies.

Preserve

If information needs to be retained in accordance with regulatory requirements, M-Files can safeguard that information for any specified length of time.

Dispose

A simple governance workflow can automatically destroy or archive information at the end of its useful life — or notify an information manager to act on that data.

Source: https://www.m-files.com/blog/infographic-how-to-win-at-information-lifecycle-management/