Data is a treasure trove for all marketers. Companies who have a better understanding of the data lifecycle are in gain.
It is through consumer data that digital marketing is developing at a higher pace. Hence, most marketers are turning to data-driven marketing.
When data is of such immense value, then isn’t it necessary to understand and manage it?
Yes, definitely! From obtaining data to the erasure of data, there are some crucial stages in data lifecycle management.
Here we are taking you to the crucial points of the data life cycle which include-
- What is Data Life cycle?
- Stages of Data Lifecycle Management
- Benefits of Data Lifecycle Management
- Challenges to Data Life cycle Management
- Best Practices for Data Lifecycle Management
What is Data Life cycle?
The data life cycle talks about the transition of data through a series of stages during its utilization in digital marketing. It gives an overview of the life of data from the stage of acquisition to its use/reuse and finally leading to its deletion. Every unit of data or big data goes through a life cycle while being used for marketing efforts.
Let’s dig deeper into the data lifecycle management-
Stages of Data Lifecycle Management
Data life cycle management is all about how a data undergoes the stages while leveraging it for various purposes. It is an automated process that a piece of data undergoes during its lifetime. There are seven major stages in the data lifecycle management process.
Data creation or data acquisition is the primary stage of the data life cycle. At this stage, data comes to the company through the intake of already existing data, acquiring data from external sources, and gathering data from various devices.
The 2nd phase of data life cycle management is the maintenance of data. It is the filtering stage of data before its use. Processing the data, integration of data, validation of data and other processes such as extract-transform-load (ETL), etc. takes place at this level of the data life cycle.
Any data in an enterprise needs to have a backup, as it may be useful at any point in time. In case, if the data gets deleted accidentally, the backup data will help your company.
Hence, after the data backup is one of the prominent stages of the data life cycle management. Another copy of the existing data will be stored before moving on to the next stage.
At this level, data is leveraged for organizational use. It is the stage where the companies are making use of data to develop the company. It is one of the critical phases in a data life cycle.
In this phase, the data is shared outside the company for different purposes, such as marketing, advertising.
Although it is not mandatory, depending on the requirement, data is sent for external use.
Archival of Data
Data archiving is nothing but storing the already used data, and this data will not be used again by the company. However, it is archived to keep track of the data, which helped the enterprise grow.
Also, in case there is any need or information necessary from the previous data, then the archived data will be beneficial for the company.
Even though this data is not useful anymore, it may help in case any need.s popup. Hence, data archival is a crucial stage in the data lifecycle management.
You can’t use the same old data for everything because you need new data to match the latest trends and needs in the business world.
Also, you can’t store all data for the lifetime. After all, it won’t be much use because it has already served its purpose.
The final stage of a data life cycle is data destruction or data purging. Usually, you have to delete the archived data from time to time, thereby creating more space for the new data.
Let’s move to-
Benefits of Data Lifecycle Management
Data is a valuable asset, but it can be effectively used only with proper data management. Based on time and needs, data has to be categorized and utilized.
Especially in this where the big data industry is in the boom, data lifecycle management becomes more critical. So, without a streamlined process, it isn’t easy to handle your audience data and use it for your advantage. The main benefits of data lifecycle management help:
- Controlling the data
- Streamlining the data
- Segregating the data for various purposes
- Identify and filter out the unnecessary data
- Creating a storehouse of data (including old and new data)
- Deletion of unnecessary data
- Securing data from any data breaches
Challenges to Data Lifecycle Management
During all these stages of data lifecycle companies face immense challenges in ensuring overall protection, preservation and management of data.
Without a proper plan, companies encounter huge risks, along with-
- Storage costs,
- Security breaches,
- Noncompliance with regulatory terms
- And incompetence in responding to e-discovery needs.
Besides these substantial risks, missing the enormous opportunities, you can get from data through business intelligence and analytics.
In addition to these, there are countless issues to deal with, such as-
- How and where to store the backup data
- Where to store data based on the long and short term period
- How to ensure data is available when required for various business needs
- How to guarantee complete recovery in case of a disaster (hardware damage or cyber-attacks)
- In what way to ensure data protection in the cloud when the data is off-premises.
- How to make sure that steady and verifiable policies are applied for data disposal and retention.
Developing a yielding solution that deals with an overall data life cycle management strategy is not an easy task. Big companies consider vendors with advanced technology supported by experience and detailed know-how.
Best Practices for Data Lifecycle Management
- Defining your data types
- Creating a file naming process
- Implementing a data backup plan
- Creating a data archive policy
- Archive hardly used data
- Set data deletion guidelines
- Create a data administration policy
So far, you have understood what data life cycle and data lifecycle management is. But do you know how data can help your business? Audienceplay is the answer!
AudiencePlay to Manage your Data Lifecycle
Data is the prime source of advertising and marketing. AudiencePlay platform is an audience platform where you can find various features to perform audience segmentation, audience extension, and audience monetization too.
It’s a DIY platform with FREE features. Register with AudiencePlay to know more and make some quick revenues!
Gadget-friendly environments have made us heavily dependent on gadgets for daily activities. It has led to an increase in the amount of data available for the enterprises.
Hence, understanding the life of data and it’s management has become crucial. It is only through analyzing the data life cycle that you’ll be able to leverage for the company’s success.