Whether applicant data, customer information or transaction-related documents, data is only valuable as long as it is required for a business process. After that, it can become a burden, or even a danger! Companies should ask themselves the following questions:

•     What data do I need to keep and for how long?
•     When and how do I need to delete data?
•     How do retention periods affect compliance?

Information Lifecycle Management (ILM) is about a comprehensive approach to automated data management. ILM governs how data is managed along its entire lifecycle - from creation to storage to retirement and final deletion.

So why is ILM so important?
Managing data throughout its lifecycle is critical for any business. It's about effectively capturing, storing, using and ultimately disposing of data in a secure and compliant manner. Efficient ILM not only helps reduce business costs, but also ensures compliance and minimizes business risks.
 
What must software for ILM be able to do?

1.     SAP-specific: Seamless integration with existing SAP systems and SAP certification as a prerequisite for software selection.
2.     Optimal data management: Easily move, archive and delete data according to your business cycle.
3.     Automated workflows: Reduce manual processes and errors with automated, rules-based workflows.
4.     Compliance & Security: Support to comply with industry-specific regulations while ensuring data integrity and security.
5.     Cost savings: Reduce storage costs and optimize system performance through efficient data management.