From Legacy to NAV: Financial Data Migration

Maxime Wattel - May 12, 2016

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

In addition you might be considering Cloud based financial software for advantages such as:

  • Reducing your total cost of ownership
  • Outsourcing IT functions and services
  • 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.

For Elysys, ensuring data security and privacy is our highest priority. Because of this priority we have chosen to create all of our products as add-ons to Microsoft Dynamics NAV software and have elected to make use of Microsoft Azure to host our Cloud solutions. While Microsoft’s Cloud services provide the highest level of data security and maximum uptime, NAV guarantees financial organisations an ERP experience that is user-friendly and organised from migration to implementation and beyond.

Download our FREE Cloud vs On-Premise eBook now to determine which solutions suits your business best.

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.

By opting to migrate your wealth management to a reliable ERP system such as Microsoft Dynamics NAV and its RapidStart features, you can be assured a quick and easy migration and seamless financial operations.

Cloud-based vs On-Premise ebook for Wealth Management