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Published: Dec 21 2017

How to Fuel FASB & IASB Success in Your Data Migration

When converting from a legacy system to a new software environment, who do you trust to touch your data? It’s an important question, considering the high rate of failure that plagues the data migration process in most companies.

In fact, only two-thirds of data migration projects are executed on time and within budget, according to IT advisory firm, Bloor Research. Why?

Companies underestimate the expertise required to undertake such a complex process. With the new financial regulatory standards issued by FASB and IASB, you may be considering a migration to a new, compliant lease accounting software solution. So before jumping into a data migration project, it’s best to understand what is to be expected of your team as well as your technology partner.

Since a failed migration can put your business at risk, it’s important to assemble an internal, cross-functional team to oversee the process:

  • Designate a project manager who fully understands the migration’s technical requirements and is committed to the process from beginning to end.
  • Put an expert on the team who has a firm grasp on the data’s structure and meaning – or what the current data in the system does and what it will likely be doing in the new environment

Your team's expert should have the knowledge to validate that your data is entered accurately, however, they should not be required to have extensive knowledge in the new environment as that expertise is the responsibility of your implementation partner.

When you’re scoping out a prospective solution, it’s crucial to choose a partner with a solid track record of success so your data doesn’t get lost during the migration process. Lost data is a common pitfall, and once it’s gone, it’s difficult to recover. According to the survey, "Mitigating the Risks of Data Migration" by Kroll Ontrack, of 600 IT administrators revealed when data was lost during migration processes, 75% were not able to restore it. That’s why proactively partnering with a seasoned technology solution is a must.

Buying lease administration and accounting software without industry experience is like buying a car with no wheels. You want to select a partner that has the breadth of knowledge to guarantee a successful migration. Look for a partner that has experience:

  • Handling the entire data migration process – from the initial auditing to final testing
  • Providing interactive learning and mapping sessions that include integrity checking, clean-up, and validation

Serving as both the software technology partner and the implementation partner in all of our projects has led us to a higher success rate over companies that sub-contract the data conversion services.

With the completion of hundreds of data migrations of all major IWMS solutions into our current solutions – without a single failure – let us move your company from an outdated solution to one that’s compliant with FASB and IASB regulations.

To learn how we can migrate your legacy system quickly and easily, all while ensuring your data maintains its integrity and accuracy, contact us today.

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