Traditionally, data migration tends to focus on data movement and not so much on its accuracy. However, it is a highly strategic exercise critical to any business and therefore, needs to be driven by domain models and specialists.
Companies undertake data migrations in the below scenarios :
Mergers & Acquisitions
Compliance & Data Governance
Increasing Focus on Digital Channels
Moving from Legacy Systems
3 in 5 migrations end in failure. As per a Gartner report, 83% of data migrations either fail outright or exceed their allotted budgets and implementation schedules.
Data Migration Failures can be costly and can lead to :
- Business Disruption & Losses
- Losing Consumers trust
- Regulatory Non-compliance
- Mapping Data Lineage
- Data Reconciliation
- Accuracy of Input Data
- Data Verification & Validation
- Limited time Duration & Budgets