What is Retention Management in SAP BC-ILM - Information Lifecycle Management?

SAP Term: Retention Management

• Component: BC-ILM

• Component Name: Information Lifecycle Management

• Description: Application scenario by SAP NetWeaver ILM. It is used in a live application system for data volume optimization. This is done by moving data to an external ILM store and managing the life cycle of that data there. The Retention Management function enables the definition of rules for data such as retention rules, locks on data for legal cases, and destroying data while adhering to legal retention requirements and legal holds.

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• Key Concepts: 
  Retention Management is a component of SAP's Information Lifecycle Management (ILM) suite. It is used to manage the retention of documents and other information assets in an organization. It helps organizations to comply with legal and regulatory requirements, as well as to ensure that information is kept secure and accessible. 
  
  How to use it: 
  Retention Management can be used to define retention policies for documents and other information assets. These policies can be based on legal or regulatory requirements, or on the organization's own internal policies. The system can also be used to track the status of documents and other assets, and to ensure that they are kept secure and accessible. 
  
  Tips & Tricks: 
  When setting up Retention Management, it is important to ensure that the policies are properly defined and that they are regularly reviewed and updated. It is also important to ensure that all users have access to the system, so that they can easily access the documents and other assets they need. 
  
  Related Information: 
  Retention Management is part of SAP's Information Lifecycle Management suite, which also includes Data Archiving, Document Management, and Records Management. These components can be used together to help organizations manage their information assets more effectively.