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Data Lifecycle Management is a concept that has been around for a while and the benefits have been mentioned in detail in every article.
However, Data Lifecycle Management (DLM) has not been used to understand and eliminate dark data. And this article attempts to spin a new view on how DLM can help in this area, with great business benefits.
But, before we start, a quick brief about dark data.
Gartner defines dark data as the information assets organizations collect, process and store during regular business activities, but generally fail to use for other purposes. Some examples of dark data are correspondence with customers (Email, chat logs, letter), social media posts, call center recordings, surveys and forms and surveillance video footage. Most organisations retain a humongous amount of dark data. In Splunk’s global research survey of more than 1,300 business and IT decision makers, 60 percent of respondents reported that half or more of their organization’s data is considered dark. A full one-third of respondents reported this amount to be 75 percent or more.
Dark data is a product of the information overload that organisations produce and source and eventually store, more so in these times of cheaper storage options and with the hope that this data will be valuable in the future. However, most organisations fail to use even a small fraction of this dark data as the metadata labels for such data are not documented making this data unretrievable. This results in accelerated storage costs and missed opportunities to create business outcomes.
Retaining Dark data for years may also contravene regulatory guidelines on data retention, leading to penalties and fines. Which is why dark data is a bane than a boon to organisations.
And this is where Data Lifecycle Management steps in. Creating a strategy and process to classify dark data helps organisations gain value from such data which yields several benefits to business.
So, how can DLM help in managing and eliminating dark data?
Data Lifecycle Management addresses the problem of dark data through a proactive approach. It helps organisations understand its information through application of policies. DLM helps with data discovery, data classification, data encryption, obfuscation and disposition which allows organisations to dispose data that has no business use.
DLM creates business value out of data and enables organisations to manage access to data changes over time. DLM creates policies and processes to attach relevancy to information and get rid of redundant and duplicate data.
With this understanding of DLM, let’s now look at the approach that needs to be taken to manage dark data so as to make it valuable to business.
The best DLM approach to deal with dark data is to find scalable ways and means to manage it and reduce the amount of unknown and unclassified data in the ecosystem by improving the efficacy of the Data Discovery/Creation and Classification processes. This also means an all-encompassing three-dimensional approach is required to manage dark data covering the following dimensions:
People
An effective data driven culture is an essential prerequisite to manage dark date wherein its essential to:
Processes
Most of these focus areas will be part of the Key Result Areas (KRAs) of a mature data governance program.
Technology
Ensuring that the right set of tools and architectures are weaved in the data landscape can aid the DLM initiative to effectively implement the goals and objectives for minimizing if not eliminating dark data. The enablers here are:
The benefits of using DLM to eliminate dark data cannot be stressed enough. Right from creating business benefits, with positive impact on key balance sheet KPIs like revenue, growth, costs, and others, leveraging dark data helps organisations forge into the future through innovation, hyper personalization, customer delight and regulatory compliance. It’s a very strong lever in an organisation’s growth and innovation journey. Dark data turns information into an asset and it’s a critical lever for the future.
This article has been co-authored by Shirish Kulkarni.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ritesh Jain Founder at Infynit / Former COO HSBC
13 January
Luke Voiles CEO at Pipe
10 January
Kajal Kashyap Business Development Executive at Itio Innovex Pvt. Ltd.
08 January
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