Data Migration Strategies for Geneva Upgrades

For asset managers, upgrading their Geneva system is an investment in improved efficiency and functionality.

However, a critical part of this process is managing the transition of valuable historical data.

And according to Gartner, 83% of data migration projects either fail or exceed their budgets and schedules.

Considering potential challenges, a well-planned data migration strategy is essential to minimize disruptions and ensure your new system is operational with all necessary information.

Understanding Data Migration Approaches

There are several ways to approach data migration during a Geneva upgrade. Let's explore two primary strategies:

  • Full Data Migration: This involves migrating all historical data from one’s existing Geneva system to the upgraded version. It ensures complete data continuity, but it can be time-consuming, especially with large datasets.
  • Incremental Data Migration: This approach focuses on migrating only the essential data initially. Non-essential or less frequently used data can be migrated later or archived. This can make the initial upgrade faster, but it requires a careful analysis of data priorities.

Comparing Full vs. Incremental Migration: Which Is the Right Fit?

For investment firms, the best strategy depends on their specific needs and constraints:

1. Data Continuity

  • Full Data Migration: Complete– all data is available immediately.
  • Incremental Data Migration:Initial access to essential data; full continuity requires additional migration steps.

2. Time to Upgrade

  • Full Data Migration: Can be longer, especially with large datasets
  • Incremental Data Migration: Faster initial upgrade

3. Complexity

  • Full Data Migration: Potentially simpler – all data is migrated at once.
  • Incremental: More complex – requires defining priority data and planning subsequent migrations.

4. Resource Requirements

  • Full Data Migration:May require more resources due to the volume of data.
  • Incremental: Can be more efficient in terms of resource utilization.

4 Tips for Successful Data Migration in Geneva

Regardless of chosen strategy, here are some essential tips to ensure a smooth data migration process:

1. Make the Data Compatible

Ensure data formats are compatible between your old and new Geneva systems. This might involve data cleansing, reformatting, or mapping.

2. Validate Code Changes

Many differences are due to enhancements that result in historical data changes in the target version. It’s essential to identify these differences down to the journal entry level and identify a ini flag or create an adjusting entry. Regardless of the approach, there are Geneva experts (like IEVERS) that can identify the changes and customize documentation according to your accounting impact.

3. Validate the Data

Thoroughly validate your migrated data to ensure accuracy and completeness. Compare data in both systems and identify any discrepancies

4. Reconcile All Data

Resolve any inconsistencies or errors in the migrated data. This might involve adjusting entries keeping the full accounting impact into consideration  and/or using custom reconciliation tools.

5. Leverage Expertise

Consider partnering with an experienced data migration specialist. Empaxis, in partnership with IEVERS, offers comprehensive data migration services to ensure a seamless transition.

Choose the Best Data Migration Solution

A successful Geneva upgrade is more than just implementing new software.

It's about ensuring that historical data is seamlessly migrated, accessible, and accurate. By understanding your options, carefully planning, and potentially partnering with experts like Empaxis and IEVERS, you can confidently navigate your Geneva upgrade and empower your investment operations with reliable data.

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