Information Lifecycle Management – ILM

The need for informational lifecycle management (ILM) systems is experienced by companies handling large volumes of data with specific access, storage, destruction or categorization requirements. A graphic example of such a company is any major modern bank operating on Ukrainian territory. According to National Bank and regulatory requirements, data created or processed by bank employees must be stored for a certain period. Access to such data must be restricted to specific employees, and it must be safely destroyed at the end of the storage period. ILM systems assign specific categories to data in the general data flow, depending on which specific conditions will apply to data storage, access, and retrieval.

Besides categorizing data in keeping with regulatory requirements, ILM systems bring about reductions in operating costs of the enterprise, such as reductions in the time employees need to retrieve data, a possibility to minimize, calculate, and forecast the cost of data storage on the company’s media, free up storage space by eliminating duplicate, irrelevant, or obsolete data.

Implementation of the ILM concept allows managing information as a business asset of the enterprise, taking into account its value at each phase of its lifecycle.

Other than in banking, De Novo experts recommend deploying information lifecycle management systems at insurance firms, retail companies, and industrial enterprises.