Data Assessment – ILM way 
The challenge before all organizations is to understand how their data evolves, determine how it grows, monitor how its usage changes over time, and decide how long it should survive. Information Lifecycle Management (ILM) is designed to address these issues. 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 phase of the lifecycle of the data. It helps managing data from inception to storage to eventual disposal for its cost, use and value according to the long-term interests of an enterprise. Not managing the disposal of information can cause an explosion of retained data and make management and searching the archive difficult. Information is aligned with business requirements through management policies and service levels associated with applications, metadata, and data.
The growth of the data in an organization is contributed by multiple factors:
- Multiple environments in an organization i.e.production, testing etc.
- Multiple reporting infrastructure
- Different sources and formats of master data and reference data in the organization
- Regulatory/Compliance mandates
- Applications being updated or decommissioned due to strategic and tactical initiatives in an organization
- Reduction in storage costs with technological advances
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About the authors
Nimish Mittal is a lead in Risk and Compliance practice of Headstrong with over 9 years of experience in different domains of capital market across asset classes and special interest on compliance, Prime Brokerage, Corporate Actions and Order management Systems.
Ajay Pal Singh is a Senior Consultant with Headstrong. A post graduate from IIT-Delhi he has 8 years of industry experience to design and develop solutions for various Fortune 500 customers. His areas of expertise among other things include business consulting, capital markets, risk management, data integration and data management. Ajay has prior experience with Fidelity Investments in capital markets space.