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How do you assess the business value and risks of data retention in different scenarios?

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Data retention is the practice of keeping data for a certain period of time, depending on its value, purpose, and legal requirements. Data lifecycle management is the process of planning, implementing, and monitoring the policies and procedures for data retention, as well as data creation, storage, access, and disposal. As a business analyst, you need to understand how data retention affects the business goals, costs, risks, and compliance of your organization. In this article, we will discuss how to assess the business value and risks of data retention in different scenarios.

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Data governance integration:

Establish clear policies and automate steps to manage data retention. This approach ensures cost-effectiveness and efficiency in handling historical, current, and archived data.### *Critical questions for assessment:Ask what data needs to be online, how quickly archived data is needed, and whether raw or summarized data is required. These queries help tailor your data retention strategy to meet specific business needs.

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1 Data retention benefits

Data retention can provide various benefits for your organization, such as improving customer service and satisfaction by having access to historical data and trends, supporting business intelligence and analytics by enabling data mining and reporting, and enhancing operational efficiency and performance by reducing data duplication and fragmentation. Additionally, data retention can help preserve evidence and records for legal, regulatory, or audit purposes, as well as protect against data loss or corruption by having backup and recovery options.

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Shivani D.

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Ensuring right Data governance in place will help manage the data retention process efficiently. Once policy and rules are established based on budget and resources, automation of certain steps will help managing historic, aggregated and archiving current data and others activities. This overall makes data retention process cost effective and efficient.

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2 Data retention challenges

Data retention can present some difficulties for your organization, such as increasing storage costs and complexity, reducing data quality and accuracy, exposing data security and privacy risks, impeding data governance and compliance, and hindering data innovation and transformation. These issues can arise from requiring more hardware, software, and maintenance, as well as creating more opportunities for data breaches, theft, or misuse, and conflicts or inconsistencies with data policies and regulations. Additionally, data availability and flexibility can be limited.

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Shivani D.

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Based on compliance and legal policies retention?for sensitive information maybe required only for a period?of time ( 30 days - 90 days, 3-5 years and others). Creating retention and destruction?policies according to given time-period to avoid?unnecessary storage of obsolete data. Masking sensitive?information, zero trust, restricted applications/data access or removing the sensitive fields is critical based on secure or non-secure environment.?Data Owners and custodians should exercise?access control and constant monitoring of data. It's?advisable to implement principle of least privilege?while handling sensitive data based on scenarios.

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3 Data retention scenarios

Data retention scenarios vary depending on the type, source, and use of data. For example, customer data such as identities, preferences, behaviors, and transactions may need to be retained for as long as the business relationship exists, or longer if required by law or for marketing or analytics purposes. Respect for customers' rights and preferences, as well as protection from unauthorized access or disclosure, is also important. Employee data such as personal information, contracts, performance, and payroll may need to be retained for as long as the employee works for the organization, or longer if required by law or for human resources or management purposes. Consent and confidentiality must be ensured, and data must be safeguarded from internal or external threats. Financial data such as income, expenses, assets, and liabilities may need to be retained for as long as financial statements need to be reported and verified, or longer if required by law or for planning or forecasting purposes. Data integrity and reliability must be ensured, and data errors or fraud must be prevented.

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4 Data retention assessment

To assess the business value and risks of data retention in different scenarios, you need to consider the data lifecycle, from data creation to disposal, and how data retention fits into it. Identify the data sources, owners, users, and stakeholders, and their roles and responsibilities, as well as the data quality, security, and compliance standards and metrics. Evaluate the value of your data for your organization, both in terms of benefits and costs, and estimate the potential revenue, savings, or insights that your data can generate. Assess the risks of your data for your organization, both in terms of threats and opportunities, and identify the possible sources, impacts, and likelihood of data loss, corruption, breach, or misuse. Recognize the potential gaps, issues, or challenges that your data may face or create, as well as the solutions and improvements that your data may enable or support. Compare the value of your data over time, and how it may change or decline as your data ages or becomes obsolete.

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Ramjee Vysyaraju

Servant Leader
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Typical questions to be asked are the following - what data has to be online? - what kind of access is needed for offline/archived data? - do you need raw data or summary sets ok? - how fast do you need access to archived data?

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5 Data retention policies

Based on your data retention assessment, you need to develop and implement data retention policies that align with your business goals, needs, and constraints. These policies should specify the data retention periods and criteria for different types of data, based on their value, purpose, and legal requirements. Additionally, they should establish the data retention methods and locations for different types of data, based on their quality, security, and compliance standards. Furthermore, the data retention roles and responsibilities for different data sources, owners, users, and stakeholders should be defined, as well as how to communicate and coordinate them. Moreover, the data retention procedures and processes for data creation, storage, access, and disposal should be documented, and how to execute and monitor them should be outlined. Finally, the data retention policies should be reviewed and updated regularly, based on the feedback, results, and changes of your data lifecycle, value, and risks.

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Shivani D.

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Good understanding of data management and data security policies of different vendor - ERPs and applications in different data states is helpful. It's critical to understand and implement cyber policies in place and align the data management and security with both internal and external applications accessing company's data

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Praveen Ramireddy

Founder | A RevOps Visionary | ?? Transforming enterprises with innovative revenue strategies ?. Together, we can envision success!
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?? Data Retention: A Business Necessity ?? ?? Assessing its value & risks is key to success! ?? Scenarios to consider: 1?? Compliance: ?? Follow regulations, while respecting privacy ?? 2?? Litigation: ?? Store relevant data, but mind discovery costs ?? 3?? Analysis: ?? Extract insights, balancing storage & security ?? ?? Benefits: ? ?? Customer Insights: Personalize experiences ? ?? Competitive Advantage: Stay ahead ? ?? Decision-making: Make informed choices ?? Risks: ? ?? Data Breaches: Protect sensitive information ? ??? Privacy Concerns: Respect users' rights ? ?? Storage Costs: Manage resources effectively ?? Assessing in each scenario: ? ?? Cost-Benefit Analysis: Weigh pros & cons ? ??? Security Measures: Safeguard data

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How do you assess the business value and risks of data retention in different scenarios?

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1 Data retention benefits

2 Data retention challenges

3 Data retention scenarios

4 Data retention assessment

5 Data retention policies

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How do you assess the business value and risks of data retention in different scenarios?

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1 Data retention benefits

2 Data retention challenges

3 Data retention scenarios

4 Data retention assessment

5 Data retention policies

Business Analysis

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