In today's rapidly evolving business landscape, IT modernization is no longer a nice-to-have, it's a must-have. It's estimated that global spending on IT modernization will reach $600 billion by 2023, and for good reason. The benefits of IT modernization are numerous, ranging from increased efficiency and productivity to improved customer experience and enhanced security. Here are some insights and statistics that highlight why IT modernization needs to be front and center for your business.
IT modernization can improve productivity
According to a study by the McKinsey Global Institute, businesses that embrace digital transformation and modernize their IT systems can increase productivity by up to 40%.
This is because modern technologies like automation, cloud computing, and AI can help streamline workflows, reduce manual tasks, and improve collaboration between employees. Additionally, modern systems, whether they be SaaS based, or hosted in Azure, AWS, etc., are usually built with mobility and remote access in mind, therefore providing the means for increased productivity, regardless of an employees’ location or even device type in some case. And finally, modernized systems also contribute to overall productivity simply thru availability, as modern applications on current operating systems prove to achieve a higher degree of uptime as opposed to those on older, legacy platforms.
IT modernization can enhance customer experience
A survey by Salesforce found that 80% of customers say that the experience a company provides is just as important as its products and services.
IT modernization can help businesses enhance the customer experience by providing faster, more efficient, and personalized support. For example, chatbots can provide 24/7 customer service, and self-service portals can allow customers to access information and make purchases at their convenience.
IT modernization can improve security
The average cost of a data breach is estimated to be $3.86 million, according to a study by IBM.
IT modernization can help businesses improve security by implementing advanced measures like multi-factor authentication, encryption, and intrusion detection. In fact, companies that implement encryption are 4 times less likely to experience a data breach, according to a study by the Ponemon Institute.
IT modernization can help businesses adapt to changing needs
In today's rapidly changing business environment, it's essential for businesses to be agile and adaptable.
IT modernization can help businesses achieve this by making their IT infrastructure more flexible and scalable. For example, cloud computing can allow businesses to easily scale up or down their IT resources depending on their needs.
Here are some best-in-class goals for businesses to start on today:
Evaluate your current IT infrastructure: Assess your current IT systems and identify areas that need improvement. This could involve upgrading hardware, software, or both.
Develop an IT modernization plan: Create a plan for modernizing your IT systems, outlining the technologies and solutions that you will implement and the timeline for doing so.
Embrace cloud computing: Cloud computing can help businesses improve scalability and flexibility, while also reducing costs. Consider adopting cloud-based solutions like SaaS, PaaS, and IaaS.
Improve cybersecurity: Implement advanced security measures like multi-factor authentication, encryption, and intrusion detection to protect your business from cyber threats.
Enhance the customer experience: Use technologies like chatbots, AI-powered customer service, and self-service portals to provide faster, more efficient, and personalized support to your customers.
IT modernization is essential for businesses looking to maintain relevancy in the next three years. By embracing new technologies, improving efficiency and productivity, enhancing the customer experience, improving security, and adapting to changing business needs, you can ensure that your business remains competitive and successful in today's fast-paced business world. So don't wait, start your IT modernization journey today!