1. A method for configuration file management in a network element that executes a plurality of application processes, the method comprising: upon initialization of the network element, reading a first configuration file that is in a character-encoded format from a non-volatile memory device; for each application process, translating the first configuration file into a plurality of non-character-encoded configuration files; storing the plurality of non-character-encoded configuration files in a dynamic random access memory; configuring each application process based on the respective plurality of non-character-encoded configuration files; modifying, in real-time, at least one of the non-character-encoded configuration files; and merging each of the non-character-encoded configuration files into a second configuration file that is in a character-encoded format.