Rapid growth of new technologies such as Artificial intelligence (AI), internet of things (IoT), robotics, and virtual reality (VR) mean businesses will continue to face a continuous wave of new digital technologies and challenges. This is where the concept of platform modernization comes into play. We update existing platforms with current standards by upgrading the underlying information technology infrastructure, architecture and functionality.
Technology-driven disruption in business is unstoppable. Most businesses are expected to adopt hybrid or cloud management technologies, tools, and processes quickly.According to McKinsey report, more than 50% of user touches are expected to be powered by AI-driven voice, written words, or computer algorithms by 2024. By 2026, global spending on digital transformation will be $3.4 trillion From $1.6 trillion in 2022.
Companies around the world are waking up to the fact that their legacy systems, which have fueled growth in the past, have reached a point of maturity where further development is no longer possible. Companies that continue to invest in legacy systems leave no room for business innovation. Additionally, maintaining legacy platforms is often a financial burden for businesses due to the use of outdated software, making the underlying infrastructure more expensive and difficult. Therefore, most organizations spend a lot of money to keep up with the latest technology. However, ignoring old systems and blindly adopting new technologies and business strategies such as social media, mobility, analytics, and cloud strategies such as AI and IoT can be counterproductive.
How Platform Modernization Can Help
While there is growing recognition that legacy applications and outdated platforms can slow down thriving businesses, platform modernization techniques enable organizations to upgrade existing systems without compromising current needs. Proven. Unlock the data and intelligence stored in your legacy systems to include in your modernization journey.
A platform modernization methodology helps you update and optimize your existing business systems while supporting integration with other systems based on the latest technology platforms. This improves organizational operational efficiency by addressing technology constraints and meeting customer expectations. Below are the advantages of platform modernization that no company can ignore.
- Cost advantage: Maintaining an old system is more costly than modernizing. For business entities, the initial cost of platform modernization may seem high, but in the long run it helps reduce overall costs.
- Productivity: Platform modernization has helped revive many failed old businesses. By enabling new-age innovations such as automation and data-driven intelligence, companies can take several steps forward in their productivity.
- better customer experience: Providing a better customer experience is the key to modern business success. As customers are exposed to better experiences provided by nascent businesses, traditional organizations must also modernize to step up their game. This can also help you compete in a tech-heavy business environment.
- safety: Upgraded platforms are less vulnerable to cyberattacks. With frequent new software upgrades, it’s easy to keep your critical data safe on a modern platform.
- Agility: Platform modernization makes it easier for businesses to adopt new algorithms, security protocols, and technologies, making businesses more agile. Therefore, this agility gained through modernization will keep your business relevant in the long run.
New trends in platform modernization
Several recent trends in platform modernization have emerged as the underlying technology grows rapidly. Here are some examples.
Cloud migration: More businesses are moving to the cloud for faster data transfer and processing, better third-party integration, and security.
DevOps: Companies are also embracing DevOps, an automation-driven model that enables seamless collaboration between development and operations teams.
AI Chatbot: By implementing AI chatbots, traditional organizations can significantly increase sales.
Hyper automation: Visionary companies are increasingly automating mundane processes using futuristic technologies such as AI, virtual assistants, robotic process automation (RPA), and low-code application platforms (LCAP).
Jump on the Disruption Bandwagon
Platform modernization improves a company’s overall efficiency, uses the latest technology to drive new value, and enables it to scale faster than its competitors. For example, platform-based models make sense of large amounts of data with the help of AI and use machine learning to match the products and services customers need or want, resulting in seamless integration across ecosystems. Realize the experience. So it’s no surprise that most global tech giants are platform-based organizations. Even legacy organizations operating in sectors such as automobiles and banking see platforms as the future. They are rapidly changing to keep up with rapidly changing technology and the global business environment.
