The term information lifecycle management (ILM) entails the systematic approach to managing data throughout its life cycle, from creation and storage to archiving and deletion. ILM aims to ensure that data is accessible, secure, and compliant with relevant regulations at every stage. This strategy helps organizations optimize storage costs, improve data retrieval processes, and facilitate data governance. By implementing ILM, businesses can make informed decisions regarding data retention and ensure that valuable information is not lost or mismanaged over time.