When two companies merge, it can be an incredibly lucrative result. However, due to poor data management, there can be numerous challenges that lead to merger failures. Understanding the pitfalls and handling them well before a merger occurs saves considerable time, money, and valuable resources.
Differences in Data Usage
One of the most difficult things about a merger is that often, two companies don’t handle data management in the same way. For instance, one company may be up-to-date with cutting-edge data management systems while the other may still be operating in the stone age. This can lead to a lot of tedious work to get all the data in the same place without it being overlapping or irrelevant.
While there are vendor solutions for migrating data, but using different platforms could lead to more problems than solutions. Data that has already be interpreted by different enterprises can cause inaccurate data transfer during the merge.
Tips for a Successful Data Migration
The number one step is to document all the data that is involved. This can be achieved by simple indexing. Make sure to include all storage locations that are both onsite and offsite.
To limit process failures, plan on validating data. You’ll need to create workflows that allow you to successfully manually review the information such as addresses, phone numbers, and other calculations.
Capture and Extraction
Don’t forget to extract all digital forms of data. Don’t’ forget to check archives and backups, emails, cloud systems, and other basic forms of storage.
Data Management Standardization
You should take some time to ensure that all formats are similar so that the transfer process is simpler. Most modern companies use PDF, so you should consider adopting this format for the sake of being the same as other companies and because it can save you the cost of licensing.
Security and Permissions
Because the information will be shared to different employees, you’ll want to be sure the data is protected. In some instances, you may need to redact certain information, but make sure that you keep the original copy as well.