Information life-cycle management:

The critical requirements of the business enterprises for data is its availability and security. The data centers fulfill these business requirements by proper and efficient use of the storage infrastructure. Alongside, there should be a strong information management policy to support infrastructure to the best possible benefits.

Based on predefined business policies, information management (ILM) is a proactive strategy facilitating the IT organisations to manage the data efficiently throughout its lifetime. This facilitates the IT organisation to avail maximum return on investment (ROI) of the storage infrastructure. ILM has five phases as given below.

1. Create.

2. Access.

3. Migrate.

4. Archive.

5. Dispose.

1. In loan management system, the value of information changes from the time the loan request is placed until the time that loan is recovered as shown in figure above.

2. The value of the information is highest when a company receives a new loan request and processes it to grant the loan.

3. After loan recovery with EMI’S, the customer or loan data need not available for real-time access. The company can transfer this data to less expensive secondary storage with lower accessibility and availability requirements unless or until loan is recovered fully.

4. After the loan is recovered, the company can archive or dispose of data to create space for other high-value information.