IBM Application Modernization: What top company executives & industry statistics say about application modernization.
You might want to get rid of old bugs or you might want to integrate new features or you might just think ahead & modernize your applications. Sure, it’s a time & resource-consuming process but it comes with a long list of benefits that far outweigh the cons. A global study found that the application modernization market could be somewhere around $24.8 Billion by 2025, a staggering growth rate of 16.8%. But application modernization has a lot of things to offer than just a number game. Application modernization accelerates digital transformation & lets companies leverage the full potential of both their applications & modern innovative IT solutions like Cloud.
In today’s competitive marketplace, digital transformation is more of a necessity than an option. Yes, digital transformation & application modernization are undeniable when it comes to IT infrastructure but it is also important to realize the role of strategic planning. Strategic planning gives a better insight into three important things I.e. Expectation, Execution & Estimation. A study shows that 86% of companies fail in at least one transformation project they desire, and 73% feel that the results they do achieve fall short of being truly transformational. This figure is expected to rise due to the lack of strategic planning when it comes to modernization & digital transformation.
Why modernize existing applications?
Well, a simple answer would be to boost performance, security & get rid of bugs. But that’s just the tip of the iceberg. A successful modernization can boost annual revenue by 14% & reduce app maintenance costs by roughly 30%–50%. The right consulting partner can accelerate your digital transformation by providing modernizing patterns and blueprints for your specific industry. This is where IBM application modernization comes into play.
Here are some key features of IBM Application Modernization:
- IBM Cloud Backup: Fully encrypted backup and recovery across multiple datacenters.
- IBM Cloud Block Storage: The lowest latency, highest redundancy data storage option.
- IBM Cloud File Storage: The simplest solution for data organized into files and folders.
Application Modernization: Industry Statistics
Mobility is a highly sought out feature when we consider the current world scenario & data mobility is made possible with tech like cloud service. With the help of application modernization, legacy applications can be cloud compatible, enhancing the data mobility within the organization. Most of the companies fail in at least one transformation project & a major percentage of this failure rate is driven by lack of strategic planning.
Application modernization is a time-consuming process that will eventually drive up your ROI & maximize performance. But initiating an application modernization process won’t guarantee you results. Before we step into the details of application modernization & importance of strategic planning, let’s take a look into some key insights:
1.) 86% of companies fail in achieving at least one transformation project.
2.) 73% of companies claim to be unsatisfied with the project execution
3.) 4 out of 5 executives feel that rapid transformation is necessary to keep up with the competition.
These statistics show us a perspective from within the organization, more of a reason to consider application modernization the right decision to boost ROI. Moreover, digital transformation needs a strategy. Industry leaders like IBM suggests that application modernization should be a part of every digital transformation project. Here are some key insights into the topic in discussion:
1.) Companies can expect somewhere between 15%-35% savings on infrastructure, year-over-year.
2.) Application modernization can lower the cost of maintenance by 50%-70%.
3.) IBM’s expertise in the domain helps you bring down hardware, software & staff costs by approximately 74%.
4.) With a strategic digital transformation plan, companies can improve operational efficiency by 10%.
5.) Application modernization can boost annual revenue by 14%.
With the right strategy & IBM’s world-class expertise it’s possible for companies to leverage all these metrics to initiate and execute the perfect digital transformation project. Business ecosystems across the world are gradually turning into an “ever-changing” landscape. Application modernization & digital transformation are the key drivers when it comes to giving companies that much needed competitive edge or survivability factor. The right modernization strategy differs from company to company and the only way to find the right solution for your company is through strategic planning. It’s about time companies realize the importance of strategic planning before initiating an application modernization process since proper planning can maximize the chances of project execution & target satisfaction.