The change in the value of the information over a period of time is called the information cycle. Data at the time of its creation has the highest value. When it is used/accessed frequently, the value of data is high. After some time, When the data is accessed less frequently, the value of the data decreases. Different type of information has different type of value spans. As per the changing value of the information or data, the storage infrastructure can be designed.
Information lifecycle Management (ILM)
Information lifecycle management (ILM) is a proactive strategy facilitating the IT organisation to manage the data efficiently throughout its lifetime. This facilitates the IT organisations to manage the data efficiently throughout its lifetime. This facilitates the IT organisation to avail maximum return on investment (ROI) of the storage infrastructure.
LIM has five phases as below: 1.Create 2.Access 3.Migrate 4.Archive 5.Dispose
Key challenges in Managing information
In order to fame an effective information management policy, business need to consider the following key challenges of information management.
Exploring digital Universe
The rate of information growth is increasing exponentially. Duplication of data to ensure high availability & repurposing has also contributed to the multifold increase of information growth.
Increasing dependency on information
The strategic use of information plays an important role in determining the success of business and provide competitive advantages in the marketplace.
Changing value of information
Information that is valuable today may become less important tomorrow. The value of information often changes over time.