LSMW (Legacy System Migration Workbench) is a free mass data migration tool from SAP that allows users to migrate legacy data and perform mass updates to transactional and master data without coding. It generates ABAP code automatically and interfaces with Excel. The takeover process involves setting up an LSMW run, loading an input file, reviewing and updating converted data in a batch session. LSMW's easy to use interface allows grouping related migration tasks. It has become a popular choice for legacy migrations and mass maintenance in SAP systems.