From my perspective DFD is really important if you want to show how the system works in details. Let say if you have a system (ex: web app) where users can register and order online then you can use DFD to show the data flow into the system using context and level 0. It will help you to do analysis as well as design the overall system functionalities. You can also use UML (Use Case) but this will only show the users interactions but not in details.
In term of the concept of DFD, it is still used in an Analysis and Design of the System. It is mandatory. However, the notation used to draw the DFD is vary. Some people may prefer the notation from Gane & Sarsson and other people may prefer Yourdon & Coad.
In addition, the terminology of DFD is getting fade. It is blended in the whole system modelling. Use Case Modelling, Class Diagram, and UML Diagram are some system modelling jargons that may blur the discussion about DFD.
In all, as long as you use DFD as the illustration for explaining how the data are processed, it is compulsory. You are free to choose a notation standard.
With the continually increasing pressure on organizations to secure and protect data, DFD has never been more important. Effective - and auditable - data stewardship are essential. One must be able to demonstrate how data is being collected, where it goes, where it's stored, who has access to it (and for what purpose), and how/when it is destroyed. The simplest way to trace the data life cycle is through a higher level tool such as a DFD where the focus is on the data rather than on presentation and processing.