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The Data Lifecycle

In today’s business landscape it is imperative for any business or organization to keep accurate records for legal or compliance purposes. The longer a company or organization is in existence the generation of data continues to increase. The need to manage data is essential for operational efficiency. Data management is the process of controlling information that is created, received, maintained, access, and disposal. A business or organization must follow approved record management policies when creating, maintaining, and sharing such data. Regardless of the type of data generated whether paper or digital files, the data life cycles generally consist of five stages:

1. Creation of the information in digital or paper format.
2. Classification of the type of data.
3. Storage of data either digitally or physically.
4. Maintaining and tracking data.
5. Disposal of digital files or physical destruction of documents.

The data management life cycle starts as soon as the data is created. Data can come in many forms such as e-mail, medical records, reports, photos, and contracts. To manage the data efficiently and enable quick retrieval when the information is requested. The data must be classified based on the context of the information. The context of the information can determine the sensitivity of the data and the duration of storage and security requirements. Data storage duration and security requirements is unique to different industries. Once the information is classified, copies of the data can be stored securely offsite or stored digitally in a document management system. Not every single file or record can be stored indefinitely. Data retention schedules are set for a defined period for the storage of data. Once the data has reached the end point of its life cycle, the data should be destroyed appropriately. For paper records, shredding is a common method for physically destroying the data. Digital files can be disposed of by physically destroying the medium used for storing the data.

Benefits of proper data management

A comprehensive data management plan manages the growth of your organization’s information, maintain data privacy, and keep your organization in compliance with regulatory agencies. Implementing a comprehensive data management plan can benefit your organization in the following ways:

1. Reduce data volume and storage cost.
2. Makes retrieving data quick to improve operational efficiency.
3. Comply with laws and regulations set by regulatory agencies.
4. Better utilization of resources and cutting down waste.

How can Datafied help you improve the life cycle of your 

Datafied is an industry leader that specializes in managing data from a variety of sources. We pride ourselves in delivering industry standards in securing and efficiently managing your data. Our specialized team of experts can help you navigate your data’s life cycle in the health, life insurance, and legal industry. Call us at 800-765-7510 to discuss how we can help you implement a comprehensive data life cycle management plan.