Application Modernization: Understand Why Your Business Needs it
The world is experiencing rapid digital transformations as technology continues to evolve with every passing day. When technology becomes obsolete it becomes quite difficult to fix the problems and issues that arise from the assistance and support. As the system gets outdated businesses are unable to keep their place in the present competitive market.
The majority of businesses think that legacy application modernization is only for companies that run on older systems. However, limiting modernization only to older applications is a myth that must be broken.
Modernization of applications should not be limited to outdated applications or software close to expiring. It is possible to look at a new enterprise app and see it with a contemporary and more modern lens.
No wonder, today, even the recently launched enterprise systems are aiming for digital transformation by evolving into a next-gen application or enhancing into customer/business-centric applications/processes to AI/VR.
There is no surprise that the modernization of application services market size is predicted to increase by $11.4 billion in the year 2022 and $24.8 billion in 2025. It is certainly an essential concern for the majority of business owners.
What's Application Modernization?
According to Gartner, “legacy" mobile application development is a system that could be built on outdated technology, however it is crucial for everyday operation. They are typically difficult to expand, create or upgrade, and the addition of modifications and new functions is usually a challenge. It is therefore necessary to update these applications.
One Gartner survey reveals that 44% of respondents say that modernizing apps is among the most important five IT initiatives, and 40% of those surveyed agree that expanding the capabilities of the most popular applications is a top prioritization.
Modernization of an application involves updating or converting outdated software to increase the life that the software has. This lets the system adapt to changing technology, allows applications to be scaled up, increase efficiency and reduce costs and creates opportunities for creativity. This way applications can be able to meet the demands of the modern day users.
The process of modernizing software will also increase IT security since older technologies are more susceptible to leaks of information.
How do you Prepare your Company for Application Modernisation?
A successful software modernization solution requires proper preparation. The more you consider prior to beginning the process, the smoother the process of transforming software will be. Below is an array of things you can do to make development simpler.
Collect Information About the System
It is essential to collect as much information regarding the system as is possible. A detailed documentation or access to the person with the most details regarding the system will prove beneficial.
Technology Selection
A very crucial tasks is to look at what technology is used in the software to determine whether the programming language or frameworks that are used are up-to-date and supported.
The selection of the technology used should depend on the specifications of the product, and will allow the development of a productive application. The goal is that the software runs in a manner which will return investment.
Collect Information About Users
The way users behave can tell an enormous amount about whether the program is performing its job. Therefore, it's crucial to gather the required data regarding people using the software into one location. Discover how many users use the app as well as how frequently they are using it.
Analyze Important Data from the System History
It's also important to collect details about crashes, leaks of data, or any other issues that could impact the whole infrastructure. Also, you should review the proposed changes.
Planning and Budgeting Business
Prior to modernizing your app, you must determine what requirements you'd like the system to meet. It is essential to adjust the software to the changing technology, market conditions and the needs of customers.
Find out which metrics must be used to measure the success of your application. Also, plan regular system update to avoid the need to update your application in the near future.
The Reasons your Organization Should use Application Modernization
1. Easy to Create New Services as well as Features
Before deciding on a software to improve business efficiency, nearly every business owner's first idea is that the program will meet the requirements of their service.
But, with the constant evolving technology, companies are able to adapt to the latest trends and changes. However, when their outdated system becomes obsolete it becomes challenging for them to keep up with contemporary demands of customers.
Modernization of applications means that businesses are now able to design new services and features which can be adapted to their business's current needs and their future objectives. Additionally, businesses can modify the features to ensure that their older applications are beneficial to their businesses.
2. Increase the Productivity of Employees
In this age of technology businesses must remain current with the most recent technological advancements. Therefore, if you're operating with an outdated software or technology that is not up to date and your staff's level of satisfaction might decrease, which could affect the efficiency of your company.
Furthermore, if your employees or developers are able to access advanced technology, it can increase the efficiency of your business more than previously. When they are required to be working on the same issue, they can become annoyed.
If a business expands it is likely to employ new employees. Therefore, teaching them how to manage a traditional IT system could take a lot of time. But, with modernisation of applications the repetitive and time-consuming jobs can now be automated.
3. Get Rid of Technical Debt
If companies aren't ready to modernize their existing applications, the technical debt might begin to increase. Older systems for business have serious issues, such as bugs, slow scalability, and the cost of maintenance for the application.
Since all the parts of the old system are interconnected with one another, it's impossible to repair them without breaking any other parts. This can be time-consuming and affects the budget for technical support.
Maintaining outdated IT systems is extremely expensive. However, according to a market study firms can save as much as 13% through modernizing their outdated technology. They can also increase the annual income of their businesses by more than 14%.
4. Enhances Customer Experience
There are many companies which offer similar services to what you offer. So what is it that makes your business distinct from other businesses and the reasons why clients should decide to choose your service.
According to recent research, 70-75 percent of customers are willing to spend more money for a flexible and unbeatable customer experience. It is therefore possible to say that providing a great customer experience is just as important as the price.
However, customer service is a problem due to outdated applications. So, providing a speedy and effective solution for such applications can be difficult.
However, with modern software you can make use of cloud computing. It is simple to restore all data and information at any time you require it. With the modernization of your application your clients are able to navigate your system.
5. Security Improvement
There are a variety of security measures in older applications that can be monitored and updated according to the most recent cyber-attack. But, without a solid security strategy to safeguard your data, your business could result in a cyber-attack which could result in the loss of your customers and important information as well.
However, cloud-native applications provide top security features that are efficient and economical. This means that you won't have to put in any effort compared to traditional applications.
6. Helps in Increasing Revenue Streams
Modernization of applications also assists companies to boost their revenues. When businesses are looking to expand their operations by adding new processes or services that will meet the needs of their customers. However, older systems aren't as flexible as the latest applications. This is why it's not easy to make changes that will be profitable.
The introduction of new processes or services is required for every company to succeed in this battle. Through modernization of your application, you can introduce new features, services or functions that result in an improved customer experience and a rise in revenues. A satisfied customerare more inclined to refer a business that creates additional leads to the business.
The Key Takeaway
Most IT applications are older than 5 years. As technology gets old the features and functions begin to show negative effects on company. The outdated IT systems may impact customer experience, which hinders a particular product or service.
Businesses can now benefit from the latest technology without investing too much. Modernization of applications is a cost-effective method to reduce your IT costs , and enhance the flexibility and efficiency of collaboration.