Data is a treasure trove for all marketers. 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 acquiring data to the erasure of data, there are some crucial stages in a data lifecycle.
What is a Data Lifecycle?
The data lifecycle 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.
Stages of Data Lifecycle Management
Data lifecycle 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 management process.
Data creation or data acquisition is the primary stage of the data lifecycle. At this stage, data comes to the organization through the ingestion of already existing data, acquiring data from external sources, and gathering data from various devices.
The 2nd phase of data lifecycle 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 lifecycle.
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 organization.
Hence, after the data backup is one of the prominent stages of the data lifecycle 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 organizations are making the use of data to develop the organization. It is one of the critical phases in a data lifecycle.
In this phase, the data is shared outside the organization for different purposes, such as marketing, advertising.
Although, it is not mandatory, depending on the requirement, data is sent for an 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 organization. However, it is archived to keep track of the data, which helped the enterprise grow.
Also, in case there is any requirement or information necessary from the previous data, then the archived data will be beneficial for the organization.
Even though this data is not useful anymore, it may help in case any requirements popup. Hence, data archival is a crucial stage in the data lifecycle.
You can’t use the same old data for everything because you need new data to match the latest trends and requirements 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 lifecycle is the 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.
Benefits of Data Lifecycle Management
Data is a valuable asset, but it can be effectively used only with proper data management. Depending on the time and requirements, 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’s difficult to handle 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
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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 lifecycle that you’ll be able to leverage for the organization’s success.