A computer-implemented method of information lifecycle management is disclosed. The computer-implemented method includes reading, by a data processing system of a storage environment, business rules and policies for managing data in storage volumes of the storage environment, the policies being based on the predetermined business rules, and analyzing, by the data processing system, available storage and capacity in the storage environment. The computer-implemented method further includes dynamically prioritizing, by the data processing system, the policies based, at least in part, on results of the analyzing, resulting in prioritized policies, cognitively translating, by the data processing system, one or more of the predetermined business rules into action(s) against one or more of the storage volumes based, at least in part, on the prioritized policies, and executing, by the data processing system, the action(s).