Different Kinds of Data Have Different Lifecycles

The video discusses the exponential growth of big data and the challenges it presents. It introduces data lifecycle management as a solution to manage data effectively through its lifecycle stages. The video explains different types of data, such as customer, product, and transaction data, highlighting their unique characteristics and management needs. It emphasizes the importance of understanding data assets and implementing policies to protect data quality, integrity, and compliance. The video concludes with best practices for data management, considering legal and operational requirements.

What is a key challenge associated with the exponential growth of big data?

• Difficulty in data deletion

• Increased storage costs

• Lack of data sources

• Complexity in data management

What is the primary goal of data lifecycle management?

• To protect data quality and compliance

• To eliminate data storage

• To increase data volume

• To reduce data creation

Which type of data is typically created by sales representatives in a CRM system?

• Event data

• Sales transaction data

• Customer data

• Product data

What is a characteristic of sales transaction data?

• It is static and rarely changes

• It contains a time aspect

• It is the same as master data

• It is always sensitive

Why is transaction data valuable to organizations?

• It requires no management

• It is always public

• It is easy to delete

• It can be analyzed for business insights

What must organizations consider when managing data lifecycle requirements?

• The location of their headquarters

• The nature of their business

• The color of their logo

• The number of employees

What is a consequence of not managing data lifecycle effectively?

• Reduced data volume

• Enhanced customer satisfaction

• Increased business risks

• Improved data quality