What is retention policy in SAP BC-ILM - Information Lifecycle Management?

SAP Term: retention policy

• Component: BC-ILM

• Component Name: Information Lifecycle Management

• Description: The bundling of multiple retention rules. Used to differentiate between retention rules belonging to the same ILM object, for example, country-specific retention rules.

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• Key Concepts: 
  A retention policy is a set of rules that define how long data should be kept and when it should be deleted. It is used to ensure that data is kept for the right amount of time and is not kept for too long. The retention policy in SAP BC-ILM Information Lifecycle Management (ILM) helps organizations manage their data more efficiently and cost-effectively. 
  
  How to use it: 
  The retention policy in SAP BC-ILM ILM can be used to define the length of time that data should be kept, as well as when it should be deleted. The policy can also be used to define the type of data that should be retained, such as customer records or financial documents. The policy can also be used to define the type of action that should be taken when the data reaches its expiration date, such as archiving or deleting the data. 
  
  Tips & Tricks: 
  When setting up a retention policy in SAP BC-ILM ILM, it is important to consider the legal requirements for data retention in your country or region. It is also important to consider the type of data that needs to be retained and how long it needs to be kept. Additionally, it is important to consider the cost of storing and managing the data over time. 
  
  Related Information: 
  SAP BC-ILM ILM provides a range of features and tools that can help organizations manage their data more effectively, including archiving, deletion, and reporting tools. Additionally, SAP BC-ILM ILM provides a range of services such as consulting and training to help organizations implement their retention policies.