Data Lifecycle Basics: How to Optimize and Protect your Data Every Step of the Way

In our technological landscape, data is as much an asset as any other part of your business – even more so in some cases. The way a company handles and protects its data can make or break its success in the long run, but it's hard to keep track of that value when you don't understand how to properly care for it.

Here we will take a look at the data lifecycle and how to optimize and protect your data every step of the way, or data lifecycle management (DLM).

The Data Lifecycle and Its Stages

The data lifecycle is the process by which data is created, used, and eventually disposed of. This can be broken down into key stages.

Stage One: Creation

The first step in the lifecycle is data creation. This step includes:

Generation – Data generation is happening all around us, all the time. Whether it's through customer interactions, brainstorming, meetings, financial transactions, or even just website usage data, this is the first step in the lifecycle.
Acquisition – The second part of data creation is data acquisition, or how you get that data into your systems. This can be done through manual entry, collection through systems, or getting information from other companies.

Curation – The third part of data creation is curation, or making sure that the data is accurate and complete. This can be done through things like validation, cleansing, and enrichment.

You're going to be using this data for every facet of your business, so ensuring that you get it right off the bat is going to make everything run that much smoother in the long run.

Stage Two: Storage

Now that you have all this data, you need to store it somewhere. This is where stage two of the lifecycle comes in - data storage. Here are some things to keep in mind:

Location – Data storage can be done on-site or off-site, depending on your needs and budget. On-site storage is often seen as more secure, but off-site can be more convenient and less expensive.

Backup – You also need to consider things like data backup and recovery when you're thinking about storage. This is especially important if you're storing sensitive data.

While on-site storage can be a great option, oftentimes it requires a business to have lots of extra space for servers or put trust in devices like CDs, floppy disks, or hard drives which can easily be misplaced or damaged.

Off-site data storage, on the other hand, can be done through the cloud or with an external hard drive that's stored in a secure location. Cloud storage is often seen as more convenient because you can access your data from anywhere with an internet connection. It's also usually more affordable than on-site storage.

However, when you store data off-site, you need to be sure that the company that is hosting your data is trustworthy and has robust security measures. It can be hard to know what companies to trust, but luckily there are some great benchmarks that you can check to have confidence in your hosting company’s credentials.

Do they have two-factor identification? Two-factor identification (2FA) is an extra layer of security used to make sure that people trying to access a system are who they say they are.

Do they have SOC 2 compliance? Service Organization Control 2 (SOC 2) is a set of security standards that businesses must meet to prove they have adequate measures in place to protect customer data. It looks at factors like privacy, security, confidentiality, availability, and processing integrity.
Do they have an option for single-tenant data residency? If your data is highly confidential, you may want single-tenant data residency. This means that your data has its own server that it's stored in, rather than sharing with other companies.
Do they have a written security policy? This one is pretty self-explanatory, but it’s important to make sure that your hosting company has a detailed security policy in place outlining its procedures and protocols for keeping data safe.

It can feel impossible to find a host that offers all these things, but you don’t want to cut any corners when it comes to protecting one of your most valuable assets. One option that checks all our boxes is Stormboard, and they are constantly innovating to ensure your data is safe and usable.

Stage Three: Processing

The third stage of the data lifecycle is processing, or what you do with all that data once you have it. This step can include things like analyzing, aggregating, and visualizing your data — this where it’s helpful to have a data-first collaboration space like Stormboard. It's also where you start to create those valuable insights that turn your data from a raw resource into something usable.

There are a few different ways to approach data processing. One common method is batch processing, which involves running a process over all of your data at once, typically on a schedule. This can be useful for things like creating weekly reports or monthly dashboards.

Another option is real-time processing, which allows you to work with data as it comes in without waiting for a batch window. This can be helpful for things like monitoring system performance or detecting fraud.

Data analysis is a key part of processing, and various techniques can be used to glean insights from your data. Some common methods include exploratory data analysis, statistical modeling, and machine learning.

Each of these approaches has its strengths and weaknesses, so it's important to choose the right tool for the job at hand.

You'll also want to ensure the data is converted into something easy to communicate so that when it comes time to use the data, your whole team is on the same page.

Stage Four: Archiving

Once you've processed your data and extracted some valuable insights, it's time to start thinking about how to protect all that hard work. Sometimes you won’t need the data again, but the worst-case scenario is that you get rid of information and then end up needing to collect it all over again.

Data archiving is the process of storing data in a format that can be accessed and used at a later date if needed. This usually means compressing the data to save space and converting it into a format that will be easy to work with in the future.

There are two main reasons why you’ll want to archive your data:

To keep a long-term record of your data – If you have collected data over many years, archiving it will allow you to keep a complete record of your work.

To free up space on your computer or storage devices – If you have processed data and no longer need the raw data files, archiving them will save valuable space.

When your data is archived, you want to ensure it is in a safe place that is easily accessible. Many companies like Stormboard will keep your data stored with a host like Amazon Web Services (AWS) which has proven to be one of the most secure places in the cloud.

You can rest assured that nothing will happen to your data until you need it again, or until you’re done with it for good. To get this data back, all you need to do is re-download it from the cloud.

Stage Five: Destruction

The final stage in the data life cycle involves purging your system of any data that is no longer relevant or needed. This data can be physically destroyed, or simply removed from the system so that it can no longer be accessed.

To ensure that all data is properly accounted for and that no sensitive information is accidentally leaked, it is important to have a clear and well-defined process for data destruction.

If data isn't properly destroyed, it can fall into the wrong hands and be used maliciously.

For example, if personal data is not destroyed and ends up in a landfill, it can be dug up and used to steal people's identities. If confidential business information is not properly disposed of, it could be sold to competitors or used to commit fraud.

Companies can choose whether they want to purge data on a schedule (i.e.. after six months of being archived) or when they need to clear up space (i.e. when they have 1000 pieces of archived data. Either way, making sure there are no traces of the destroyed data left over is vital to ensuring the confidentiality of your data.

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Start your 30-day free trial today or get a no-obligation product tour from one of our experts to find out how Stormboard's data-centric approach can help you with your organization’s DLM.

About the author:

A programmer by trade, Nick Saraev is a freelance writer and entrepreneur with a penchant for helping people excel in their careers. He's been featured on Popular Mechanics & Apple News, and has founded several successful companies in e-commerce, marketing, and artificial intelligence. When he's not working on his latest project, you can find him hiking or painting.