Are you considering upgrading your financial software from a legacy system to Microsoft Dynamics NAV, either in the Cloud or on-premise? Perhaps your consideration is motivated by the benefits of Microsoft’s financial software for your wealth management. Benefits such as:
Streamlining your back and front office for enhanced operational efficiency
Improved communications: both internal and with clients
Simplified reporting functions
Cutting down the administrative download by automating operations
Access to state of the art data storage facilities, such as Microsoft’s Cloud services, which includes data security and privacy features far beyond what your organisation can afford on-premise
Overcoming The Risks of Data Migration
Despite these benefits, any change in operational procedures and migration of data poses risks to an organisation responsible for the protection of their clients’ financial data. One of the fears that you might have is the accidental deletion of important historical data during migration, or even losing track of the location of mission critical data as you migrate to a new operating system. Such risks, while realistic, can be overcome by opting for a world class ERP system that’s been tailored to the needs and responsibilities of the financial industry.
RapidStart Implementation for Simple and Speedy Migration of Financial Data
When migrating your organisation’s financial systems to Microsoft Dynamics NAV, either on-premises or in the Cloud, Elysys makes use of Microsoft’s RapidStart tool. RapidStart Services helps organisations to create, set up and initaliase their new NAV installations, quickly and efficiently.
Whether your organisation is currently making use of Excel or any other ERP system, RapidStart provides the tools to ensure that your data migration goes off without a hitch.
Map old values with new values when importing data from Excel
This RapidStart feature eases data migration in scenarios where internally used values, such as currency and country codes, differ from the standard Microsoft NAV codes. Once an old code has been connected to a standard NAV code, values are automatically migrated to the new system with correct codes.
Create Missing Codes when importing data from Excel
The operational procedures of family offices is generally tailored to the specific structure of the organisation and the needs of its particular clients. At times, this uniqueness in terms of type and structure of a financial organisation translate into unique data fields, which are not available as standard data codes in the NAV system. To ensure a smooth data migration in such cases, RapidStart provides a feature that allows you to create new field values in NAV in order to accommodate unique internally used values, such as custom payment terms.
Transform data imported from Excel
NAV provides a library of data transformation metas to create standard data processing rules and run them on the data you import. It also allows you to create and use your own data transformation metas. This feature allows you to, for example, capitalise all letters, replace part of a string with another string, change the date format and trend values to a uniform format.
RapidStart to Smooth the Migration from Legacy to NAV
Any change from a known to an unknown creates uncertainty and fear, even more so when you’re responsible for keeping personal financial data secure and private. The best way to overcome your fears regarding migration from legacy to a new ERP is to be convinced of the security and efficiency of the system you are entrusting your financial data with.
Max has an educational background in Computer Science and Management Information Systems with over 20 years of experience in the software industry including the past 10 years at Elysys. Prior to joining Elysys, Max was MIS Manager at Sonatest PLC, UK where he spent 8 years after starting his career as a software design engineer at BNFL Sellafield.