Should your company invest in application modernization? We think these 9 benefits will convince you that the answer is “Yes.” Keep reading below to find out more!
Today’s highly digitalized world is fast-changing. Some technologies become outdated overnight as new ones are released by the day. And, when technology becomes outdated, it starts to create a lot of problems from bugs to lack of support and services, affecting businesses and their consumers alongside.
This is when application modernization shines. It is the solution to give new life to monolithic applications.
Now, that being said, there’s no surprise that application modernization is seeing a massive increase in popularity these days. Data shows that the application modernization market size worldwide is expected to double in size, growing from $11.4 billion in 2020 to $24.8 billion by 2025. This growth is expected to be driven by three major factors: increased demand for cloud services, improved customer experience, and the need to enhance legacy systems.
So, when the life cycle of your business’s information technology is becoming shorter over time, you need application modernization solutions to keep up with evolving consumer expectations and stay competitive. Here are the 9 key benefits of application modernization for your business:
1) You get a competitive edge
While your competitors are still on the fence on whether or not they should modernize their applications, you could be the first one to have the initiative and get a competitive advantage.
Embracing application modernization can help you get a head start in having the most performant and useful IT ecosystem that will benefit both your employees, who can do their job better and faster and your customers, who will get a better experience with your business.
Having more productive and efficient employees and more satisfied employees are significant competitive advantages a business can get.
2) Robust security
A recent survey has shown that 87% of IT decision-makers agree that outdated applications make businesses more vulnerable to cybersecurity risks. That’s because legacy applications simply can’t be compatible with modern security standards and authentication methods. What’s more, they also can’t protect against modern cybersecurity threats.
So, one of the key benefits your business will get by modernizing its applications is drastically wicking off security vulnerabilities that outdated systems have.
3) New features and services
Your business’s digital applications may have been relevant and useful at the time you implemented them. Yet, over time, when they become outdated, they no longer are able to meet your business’s and customers’ needs. That’s when you should be ready to modernize and adopt new technologies.
Application modernization also allows your business to develop new features and services that can be in line with the current business needs and feature goals. What’s more, you can personalize the features in your applications to better fit your needs.
For example, cloud application modernization can help your business move your traditional data-center approach to the cloud, which will offer your business various possibilities in terms of agility, scalability, and performance.
4) Improved user satisfaction
Using outdated applications can be really frustrating and challenging. Bugs, errors, and slow-loading applications can, and will, make your customers click back and look for one of your competitors.
In contrast, a modernized IT ecosystem comes with a refined user-facing interface, leading-edge functionalities, and revolutionary features. All these contribute to better customer satisfaction and a better brand reputation.
5) Increased employee productivity
You can expect your employees to be productive and get a task done really fast if you don’t provide them with the right tools that perform correctly. Think about it: if your employees spend several minutes on a software tool they use to load and complete a task, that’s a lot of wasted time. Not to mention the frustration your employees experience when these digital tools don’t work as they should, which makes your staff defocused. And, you simply can’t blame your employee for that because the blame is on your legacy applications.
So, by modernizing your legacy applications, your business also benefits from improved employee productivity because you support your employees’ professional development.
6) You stay relevant
Staying relevant in today’s competitive business environment is very challenging, especially regarding the technologies your business uses to meet consumer needs and the latest trends. From AI to machine learning, big data, and cloud, these are all technologies that have become must-haves for businesses to be able to stay relevant. They help companies transform their IT ecosystems based on current market trends.
But, when the solutions you use become outdated, your IT ecosystem simply won’t perform well enough to keep your business relevant.
7) Get rid of unnecessary technical costs
It’s simply not smart to keep spending money on fixing bugs and other errors of your legacy applications. Why? Because if these digital tools are outdated, they will keep failing since they can simply no longer keep up with evolving technological needs of your business and customers. So, maintaining your old legacy IT system is how you waste money, time, and effort.
Yet, by modernizing your applications, you can reduce and get rid of all these costs that are not really a long-term solution.
8) Increase in revenue streams
Think about it: happy customers come back to buy more! But, that’s not all. Satisfied customers also recommend your business to their peers. This results in increased revenue streams.
Application modernization can help your business sell more by:
- Allowing you to add new services and processes.
- Offering a better customer experience.
- Helping your employees do their job better.
9) Improved efficiency
Last but not least, application modernization helps your business get improved efficiency. As employees are more productive, security threats are reduced, new services and features can be developed, and you earn more money, your business is more efficient.
When your software platforms, tools, IT architecture, library, and framework become outdated, they start showing a negative impact on your business. But, thanks to application modernization, your business can take advantage of modern technology even without spending a fortune to retire your applications and start over. Instead, you modernize the ones you already have.