Information Lifecycle:

• Information lifecycle is the stage through which every (Written or computerized) record goes through from its creation to its final archiving or destruction.These stages may include change of format or recording media for easier access or more secure storage.

• The information lifecycle is the “change in the value of information” over time. When data is first created, it often has the highest value and is used frequently. As data ages, it is accessed less frequently and is of less value to the organization. Understanding the information lifecycle helps to deploy appropriate storage infrastructure, according to the changing value of information.

• We start with disconnected information. This information might exist in the head of a single person and might never be shared. As this information is used, it either becomes/remains useful or drops back into the disconnected bits. Managing information through this process becomes an exercise in knowing when to formalize, rationalize, and eventually discard information. This is referred as theinformation life cycle.

• One challenge facing each organization is to understand how its data evolves and grows, monitor how its usage changes over time, and decide how long it should survive, while adhering to all the rules and regulations that now apply to that data. Information Lifecycle Management (ILM) is designed to address these issues, with a combination of processes, policies, software, and hardware so that the appropriate technology can be used for each stage in the lifecycle of the data.

• Key Challenges in Managing Information:

In order to frame an effective information management policy, businesses need to consider the following key challenges of information management:

1. Exploding digital universe: The rate of information growth is increasing exponentially. Duplication of data to ensure high availability and repurposing has also contributed to the multifold increase of information growth.

2. Increasing dependency on information: The strategic use of information plays an important role in determining the success of a business and provides competitive advantages in the marketplace.

3. Changing value of information: Information that is valuable today may become less important tomorrow. The value of information often changes over time.

• Framing a policy to meet those challenges involves understanding the value of information over its lifecycle.