Finance Data Migration : What is the best approach to migrate in a smart way ?

Aurexia has developed a methodology to assist financial institutions in their migration projects, leveraging on its expertise on Finance data migration. Our approach it to ensure an efficient, safe and accurate transfer of data and processes by analysing the impacts from upstream to downstream systems, understanding business needs and implementing a relevant change management strategy to handle the human aspect of such initiatives.

A migration project refers to an initiative to move data, applications or systems from an existing environment to a new environment, typically to improve performance, security, compatibility or to meet new business needs. Why ?

• Improve performance: newer technology and software, better resource utilization and performance optimization to achieve goals faster.
• Increase security: migration to a more secure platform to protect data and systems from security threats.
• Reduce costs: migration to a less expensive platform to reduce the cost of maintaining or operating systems.
• Be more transparent and traceable: provide full audit trails allowing to answer to new regulatory requirements in terms of data traceability.
• Streamline: less system, less complexity, more standardization and agility, be time-to-market.
• Minimize regulatory compliance efforts: stream lining systems and processes will ease future regulatory evolutions and avoid duplication.
• Optimize operational processes and transition: enhance current processes, creation of new adapted processes.

Main phases of a migration project:

• Pre-framing: Upstream of framing, allows you to start the project
• Framing and design: Allows to consolidate the elements of the pre-analysis
• Implementation: Allows strategic and operational management
• Migration: Allows to close the program control commitments and ensure continuity of service
• Post Migration: Allows to finalize the project

If you want more information regarding finance data migration, do not hesitate to contact us.