Information Lifecycle Management (ILM) is the practice of applying policies to the management of information throughout its life. The ILM includes every phase from the creation of a document or record to its destruction. Records are considered to be actual documents or information related to associated documents, such as business transactions or information used to satisfy a business need. Each stage of their lifecycle may include a change of format to ensure easier access or more secure storage. ILM is used to align the business value of information with the infrastructure.
Document Lifecycle Management (DLM) supports the complete lifecycle of documents. DLM is strongly influenced by the application area and represents an easy way for the integration of ILM components.
- Capture or Creation
Once data enters your enterprise, it begins the ILM. This is as easy as a simple upload of documents to your system.
Depending on business needs, processes can be developed or are already in place for storing documentation and information. Streamlined and designated storage spaces allow for easily accessible documents or information.
- Usage and Utilization
Once data is securely stored and is available to be accessed, processes can be built to generate information that can be distributed internally for business decisions.
- Archival and Deletion
Archival is a very important step in the ILM. When documents or information is no longer needed, it should be archived to eliminate clutter from your system. In many cases, the information is no longer needed and can be destroyed, particularly that with confidential information.