Application Modernization: Key to Digital Transformation Success
Application Modernization: Key to Digital Transformation Success
Every business wants to deliver a seamless customer experience to its customers. And, today’s customers want everything fast. However, changing customer behaviors and growing demands have been a massive roadblock between customers and businesses.
What separates the winning companies from their counterparts is their approach to the existing ecosystem and the time to market their products. While top companies constantly innovate their systems, applications, and processes, others still rely on legacy systems and processes.
There are four challenges every business must address to deliver unparalleled customer service and experience.
- Improving operational efficiency
- Lowering production cost
- Managing legacy applications
- Interpreting data from legacy applications for faster decision making
This is where application modernization kicks in. Transforming the existing applications with advanced technologies and tools will help businesses boost operational efficiency, lower production costs, and improve customer experience.
According to the latest report from marketsandmarkets, the global application modernization services market size is expected to grow from USD 11.4 billion in 2020 to USD 24.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period (sic).
But, application modernization may not be a walk in the park for many IT businesses if they don’t have the right approach, strategy, and understanding.
Before getting started with the benefits of upgrading applications, it is quintessential to visualize the connection between digital transformation and legacy software modernization.
And application modernization plays a vital role in the successful digital transformation of IT companies.
Digital transformation and application modernization connection
Application modernization itself is not digital transformation. A digital overhaul transforms the workforce’s process, systems, infrastructure, and mind set.
While app modernization emphasizes upgrading existing legacy software with advanced technology tools, there is a considerable connection between digital transformation and application upgrades.
Updating and upgrading the application is the first step toward digital transformation as it is part of digital transformation.
As this approach involves a change in the mind set of workers, application use, reducing cost, and complete upgrading of application will pave the way to improving the overall development and delivery of products to customers.
Why is application modernization critical for your business success?
A significant problem for any company is accelerating the time to market a product. The product development and delivery process depend highly on the enterprise’s systems and tools the workforce uses.
Utilizing the legacy systems, applications and tools slows down the process and delays product delivery. This, in other words, impacts customer service badly.
Also, managing the legacy applications involves many costs, severely impacting the business’s bottom line. On top of the above, interpreting the information from the data obtained from legacy applications is a nightmare for lots of CEOs and CTOs.
By modernizing the legacy systems, applications, and tools, businesses can help their workforce accelerate product development and deliver quicker. The innovative technologies reduce the cost associated with managing the legacy systems.
Any company can save quite a lot of money with the help of application upgrades.
Top benefits of application modernization for enterprises
Suppose you want to realize the full benefits of application modernization. Here you go.
1. Easy to Develop New Features & Services
Most enterprises using legacy systems face a common challenge: upgrading the features and services. It consumes much time, reduces the efficiency of the application, and delays the time to market the product.
Remember, in today’s fast-paced market, it is critical to delivering a product or service when the customers need them the most. With upgraded applications, adding any additional feature or service with minimal effort is simple. This saves a lot of time and money for any business.
2. Boosts Productivity of Employees
Working with legacy systems will never improve the efficiency of your workforce. A lot of manual work may be required to perform the operations, hindering productivity. Also, manufacturing errors are common, impacting the quality and customer experience.
Updated applications make it relatively easy to improve the workforce’s efficiency as they don’t have to do many things manually. This reduces the processing time and improves the quality of product delivery.
3. Eliminates Technical snarls
Legacy applications always surprises any business with technical snarls. The bugs, outdated systems can create huge problems to workforce and customers using them. This again impacts the overall business performance and branding.
Eliminating technical glitches is vital, and modern applications exclusively fit this purpose. As advanced technologies power these applications, the companies don’t have to stress a lot about managing them.
4. Improves Customer Experience
When your business can’t deliver a product when the customers need it, then there is no using developing one. Capitalizing on customers’ needs is essential, and legacy applications will help your company go nowhere.
On the other hand, the applications developed using the latest technologies and tools help businesses develop products quickly and deliver on time to improve the customer experience.
5. Beefs up Security
Legacy applications are not prepared for modern threats from new malware, viruses, and technical snarls. This can easily annoy the workforce and customers using them. In other words, make the customers lose their trust in your business.
Modern applications are completely safe and secure as they are equipped with state-of-the-art technology and tools. This delights the customers and workers using the applications.
6. Increases Revenue Streams
A prime difference between a winning and losing company is the modernization of its applications. While the prior focus is on improving the applications with the most recent technologies like Cloud, others rely on outdated technologies.
When delivering fantastic customer experiences, the latter tumbles while the prior delights. Legacy systems never allow companies to create multiple revenue streams.
The modernization of applications creates new revenue streams for businesses. With an advanced application, incorporating new feature or services is never a challenge, and any business can quickly improve its revenue through multiple means.
7. Helps Interprets Application Data
What is the use of data if you can’t interpret? It makes no sense. This is the problem with legacy applications. Most legacy systems won’t allow businesses to decrypt data, resulting in poor decision-making and growth.
With the help of advanced applications, it is seamless to interpret data and make faster decisions. Leveraging the technologies like AI, Cloud, etc., analyzing and interpreting data is never stressful for CEOs and CTOs.
The above discussion shows that application modernization is a critical step before implementing the digital business transformation. With application upgrading effort, you can realize the significance of investing in digital technologies, adjusting your mindset, reducing cost, and improving operational efficiency.
Well, don’t know how to start modernizing your applications to improve the customer experience, but look no further – we are legacy application modernization experts.
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