Information lifecycle management (ILM) involves managing data throughout its entire lifecycle, from creation to deletion. ILM ensures that data is effectively stored, retrieved, and archived according to its value and compliance requirements. This management process is critical for organizations to optimize their data usage, improve efficiency, and mitigate risks associated with data loss or breaches. By implementing ILM, organizations can ensure the appropriate handling of information, reduce storage costs, and increase data accessibility, thereby supporting informed decision-making.