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Why Product Modernization is Critical for Business Growth?

Jun, 07 2023 | Technology Services
Harish Agrawal

Chief Product & Technology Officer

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In today’s rapidly evolving business landscape, the need for product modernization has become more crucial than ever. As technology advances and customer expectations continue to soar, businesses that fail to adapt and innovate risk falling behind their competitors. Product modernization has emerged as an increasingly adopted and potent strategy for companies striving to maintain a competitive edge in the market. In this blog, we delve into the reasons why product modernization is critical for business growth, exploring how it benefits businesses and maximizes success.

 

Why is Application Modernization Essential for Business Growth?

Businesses that use legacy systems are highly reliant on old technology according to GAO. Often, they are afraid to modernize because of the risk to business continuity. Continuing to operate legacy architecture, even if it works well for now, has significant drawbacks such as:

  • Risk of losing potential customers with poor customer experience
  • Maintenance overhead
  • Application instability due to unsupported systems
  • Risk of fragmented data silos
  • Impact on company’s reputation due to lack of innovation

Advantages of the Modernization Strategy

Modernization gives the company a long-term edge and boosts its market position. Businesses can use disruptive technologies by updating their technology stack. Integra provides custom modernization solutions to drive more value by expanding the capabilities of legacy systems. Our strategic solutions help your business go beyond conventional business practices. Some of the benefits of product modernization are:

  • Improved collaboration among internal teams
  • Upgraded and personalized user experience for end users
  • Resilient and proactive application and infrastructure security
  • Efficient data-driven decision-making with visual dashboards
  • Enhanced product flexibility with integration-ready platforms
  • Increased agility and speed using cloud computing
  • Better business productivity and market positioning
  • Assured business continuity and reliability
  • Streamlined internal business processes
  • Omnichannel and cross-platform support
  • Robust compliance and auditability

 

Key Drivers for Modernization

Product modernization provides organizations with cutting-edge technology for on-demand resource availability. It accelerates logistics, development cycles, and performance bottlenecks to deliver targeted solutions. Businesses developing modernization strategies must identify key drivers and assess their transformation journey.

#1 Leveraging Modern Technologies

Upgrading to a modern technology stack lays the foundation for using cutting-edge technologies such as cloud, big data analytics, and Machine Language (ML)/ Artificial Intelligence (AI) and data Warehousing. Digitally transformed businesses can leverage modern development environments, infrastructure, platforms and frameworks that support resource-hungry solutions.

#2 Cloud Enablement for Better Business Outcomes

When your customers move to the cloud, your business should also use cloud computing solutions to support multiple clouds. Cloud-native solutions can increase the customer base, incorporate CI/CD and containerization capabilities, and optimize security. These can also provide high availability, scalability, and cost-efficiency to your business.

#3 Analytics Enablement

The massive volume of data available for businesses can be helpful only if such data can be turned into action using big data analytics. Data visualization provides a competitive advantage for companies with data-driven decision-making. Sophisticated analytics provide accurate predictions of future trends and patterns. Modern machine learning tools grow and change based on real-time data, producing reliable and repeatable results with minimal human intervention.

 

Common Modernization Challenges

Product modernization lowers costs, prevents vendor lock-in, scales quickly, and customizes user experience. Legacy system-based companies struggle to centralize architecture, environment, data, and processes.

  • Potential risks to data during migration
  • Long and unpredictable duration
  • High costs for modernizing infrastructure
  • Optimizing the container environments
  • Dealing with existing vendor lock-in
  • Resistance for company stakeholders

 

Role of Disrupting Technologies

Successfully applying disruptive technologies like AI/ML opens new doors for businesses to modernize. Cloud adoption helps IT leaders future-proof their companies. AI adoption helps hybrid cloud containerization and microservices optimization to address new market realities. Businesses are moving simple workloads to the cloud, but modernizing critical applications is difficult due to cloud-native architectural compatibility issues.

 

What if a company continues the traditional approach?

Modernization is crucial in today’s fast-paced digital world. Legacy system companies risk losing customers due to poor customer experience and limited functionality. Outdated systems’ maintenance costs can reduce productivity. By not modernizing, businesses miss out on global vendors and lose market competitiveness. Unsupported systems can cause application instability and data silos, which slows decision-making and business growth. Additionally, an outdated company reputation may deter clients and partners.

 

At Integra, we determine the transformation path for product modernization incorporating evolving technology landscape based on organizational journey and feedback. Our product modernization services & development solutions recommend more robust containerization policies for incremental modernization and cloud transformation. Such AI solutions can analyze millions of lines of code to optimize with microservices, effectively shortening the execution time of modernization projects. Our de-risked, optimized, and scalable solution is flexible to evolve to accommodate business changes in the future.

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