Unlocking The Full Potential of Enterprise Data
The lifecycle tracks are outlined in Table 3-1 . Lifecycle Track Description Data Location Stakeholders
• Transactional Lifecycle Track All data in industry have a defined transactional lifecycle , which begins the moment the data is generated or captured and ends when the data has fulfilled its specific transactional purpose and thus is no longer . The duration of this lifecycle track is typically short , and if no additional lifecycle tracks are required , the data is deemed to have reached its EoL point and can be “ disposed of .”
• Sensors
• Edge devices
• Digital twins
• Analytics / AI models
• Design Engineers
• Equipment Operators
• Operational Engineers
• Safety Engineers
• Risk Managers
• Operational Lifecycle Track Some data may need to be retained for the full lifecycle of the physical asset to which it is associated , or it may be needed to support a particular ecosystem partner or customer relationship . For example , some operational data about a pump may need to be retained for as long as the pump is in use , which may be many years . This means that the organization must implement methods and procedures to associate the lifecycle of these operational data to the lifecycle of these assets .
• Business Value Lifecycle Track Some data items may have business value on top of their transactional and operational lifecycle . This lifecycle track lasts as long as this data assets has business value . The data may be part of an organization ' s value proposition to its customers , and as described in section 2.1 , the value may be tangible or intangible and present or future .
• Compliance Lifecycle Track Some data assets must be retained as evidence of compliance with regulations , laws , and insurance requirements . Such data must follow a specific lifecycle track , determined by the cumulative requirements of compliance obligations . Developing a lifecycle policy for compliance requires domainspecific expertise : business , technical , legal , and regulatory . The lifecycle policy must incorporate some elements of risk management because some regulations may have conflicting requirements . The policy must also address multijurisdictional environments to ensure compliance with laws and regulations across the different jurisdictions . Additionally , organizations should be aware that parties conducting investigations or litigation may be authorized to override existing lifecycle policies and impose their own rules
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Depends on the organization
Depends on the organization
Depends on the organization
• Design Engineers
• Equipment Operators
• Operational Engineers
• Safety Engineers
• Risk Managers
• Business Managers
• Product Managers
• Analytics and AI Engineers
• Compliance Managers
• Risk Managers
• Legal Counsel
• Product Managers
• CxOs
• CISO
• Analytics and AI Engineers