Data Requirements
Data migration regarding your fund management – whether you are modernising your processes or moving over to a new system – can seem challenging. It’s is a time-consuming, yet important and necessary exercise. That’s why we advise you review your data migration requirements before you even begin looking at software. Consider the following:
- what, if any, historical data needs to be in the new system?
- if all the historical information is needed or only specific information (i.e. financial info or contacts)?
- can data be easily exported from existing systems in standard formats like csv or json?
- is current data in hard copy? If so, it may require scanning.
- could using professional migration services save enough time and effort to make it worth it?
Start with listing your data assets and then determine the need and demand. You may need only active live data, reducing the need for historical data until a later date. Another option is an iterative data migration approach based on priority. Address priority data first, like contacts or financial data, then continue to work through other data. This supports you to bring business processes online in your new fund management system faster, using priority data in support of management needs.
Administration and Management Requirements
Some data is critical to administrative and management requirements. Without this data migrated your organisation may be exposed to unnecessary risk, or compliance issues.
Your data needs to be migrated if it:
- needs to be continually monitored.
- informs obligations or financial reporting.
- informs risk management and business decision making.
- supports enterprise search to assist audit, compliance, and legal teams.
- forms an important part of your contacts or supplier records.
- is used for IP management.
It is critical that management maintains an informed line of sight. If the data informs administration and management decision making it should always be migrated. Without this data results from the new fund management system will be incomplete, creating risk and may result in requiring access to the old systems and other ad hoc practices, or even data loss. When in doubt, migrate first and make sure to back up any data from your previous system before decommissioning it.
➔ Free Download: Reduce The Data Migration Load By Integrating with Your Existing Systems
For organisations that must meet regulatory compliance demands, contribute to reporting frameworks, or need to support information requests data must be migrated and available. This is especially true if your organisation has mandatory reporting requirements. Learn more about how fund management software can manage these requirements here.
Make the data work for you
One of the most important goals for modernising a fund management system for grants, contracts or programs is to streamline and improve business processes.
The work to migrate data to a new software system may demands some attention and work. But it’s worth it too and may even help achieve a positive ROI more quickly than anticipated. Tactiv takes you through the process of data migration in a step-by-step approach where we work with you. Our experienced team ensures professional guidance and assistance wherever you need.
When migrating data into your new system, it’s beneficial to organise this in an advantageous way. This enables you to set up your new processes in the most efficient way using Enquire’s optimally. Enquire features a range of business process workflows and automations that can take advantage of your pre-existing data, to streamline your work, save time and improve your outcomes.
Try Enquire’s workflows yourself with a free product tour using the form below.
Are you looking to adopt a new fund management system?
Our team has helped organisations from across the public, private and third sector migrate their data to the Enquire system for two decades. We would be happy to discuss your data migration needs or arrange a free demonstration of the software at your convenience.
Alternatively, learn more about the Enquire platform.
