I need to recommend the steps to upgrade from 9.34 to 9.41.
We operate SM 9.34 for 2 years. It has many customizations.
Unless you are very clear on the whole list of customizations, otherwise upgrading by upgrade utility is better than re-implementation on 9.41 out-of-box.
The high level of upgrade steps could be:
1. Upgrade binaries (RTE/Clients) to latest 9.41 patch (recent is 9.41 P3) firstly always, whatever your development/test/production environment
2. Upgrade applications to 9.41 Codeless with downloaded out-of-box upgrade package in your development environment
3. Resolve conflicts and other issues (like checking except.log), and finish additional manual tasks (like for Logical Name solution) until your test cases are passed
4. Generate custom upgrade package from your development environment
5. Upgrade applications to 9.41 Codeless with custom upgrade package in your test environment
6. Resolve issues (like checking except.log), and finish additional manual tasks (like for Logical Name solution) until your system test is passed
- If you change any applications, please export the change into a single unload file
7. Finish necessary load test in your test environment
8. Upgrade applications to 9.41 Codeless with custom upgrade package in your production environment
9. Load the single unload file in your production environment
10. Finish basic test before go-live
Note: Your 9.34 PD4 can ONLY be upgraded to 9.41 Codeless. Please check the related upgrade guide for detail, thanks.