Information Cycle & key challenges in Managing information.
1.The change in the value of the information over a period of time is called the information over a period of time is called the information cycle.
2.Data at the time of its reaction has the highest value.
3.When it is used/accessed frequently, the value of data is high.
4.After some time, when the data is accessed less frequently, the value of the data decreases.
5.Different type of information has different type of value spans.
6.As per the Changing value of the information or data, the storage infrastructure can be designed.
Information Lifecycle Management (ILM)
1.Information lifecycle management (ILM) is a practice strategy facilitating the IT organisations to manage the data efficiency throughout its lifetime.
2.This facilitates the IT organisations to manage the data efficiently throughout its lifetime.
3.This facilitates the IT organisations to avail maximum return on investment (ROI) of the storage infrastructure.
ILM has five phases as below:
Key Challenges in Managing information
In order to flame an effective information management policy, business need to consider the following key challenges of information management.
Exploding 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 increase of information growth.
Increasing dependency on information :-
The strategic use of information plays an important role in determining the success of a business and provides 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.