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Finding Business Value in Information Life Cycle Management (ILM)
Proactive information management can reduce costs and risk
The regulatory, legal, and competitive environments, combined with ever increasing volumes of information, are driving many organizations to look for new ways to manage archiving, eDiscovery, and records. Given these pressures, it's more important than ever to manage your data throughout the life cycle. ILM is about achieving business priorities while meeting information compliance needs and leveraging the business value of information.
Organizational benefits of information life cycle management
Information life cycle management is the consistent management of information from creation to final disposition. It is comprised of strategy, process, and technology to effectively manage information which, when combined, drives improved control over information in the enterprise. It aligns existing information management disciplines, including: Enterprise Content Management, Archiving (application and information), eDiscovery, Records Management, and good storage practices.
By implementing an effective Information Life Cycle Management program, corporations can realize several benefits, including:
- Reduced risk: Reduce unneeded and expired information, and make your information easier to manage and discover. Reducing the volume of unneeded information lessens the risk of unfavorable content being discovered (or leaking). Additionally, knowing where to look for electronically stored information (ESI) reduces the chance of missing critical information when searching.
- Cost savings: eDiscovery, storage, and legal hold costs can be reduced with better management of information. Reducing "digital debris" decreases the overall scope of search and improves the chances of finding critical information in a timely manner. Further, reducing the volume of duplicates and non-value-added information directly impacts cost of discovery.
- Improved service: Archiving, eDiscovery, and Records Management may become less of a distraction and drain on IT and Legal. IT, Legal, and Business can focus more on customers and executing business strategy and less time on managing information and eDiscovery requests.
- More effective governance: ILM can introduce management rigor and controls that benefit the enterprise. ILM can bring the added bonus of improved management of information for the entire business.