The Legacy System Migration Workbench (LSMW) is a tool for migrating data from legacy systems to SAP. It allows data to be transferred between non-SAP legacy systems and SAP either once or periodically. LSMW reduces the cost and time of migration while ensuring quality and consistency through import checks. It offers various data conversion techniques and generates conversion programs from rules to migrate data in a consistent manner with less programming required. The general process involves reading legacy data, converting it to the SAP format, and importing it using standard SAP interfaces.