Modernization in a bad economy

Should we modernize or stick with what we’ve got until the economy recovers? I know that question has been asked by many companies these days. What are the advantages and disadvantages of both?

I recently read a study by Aberdeen which examines the modernization methods used by best-in-class organizations. According to the study, companies that take the right approach to modernization see substantial cost savings and performance improvements over companies that stick with the status quo.

What is the best approach to legacy modernization? The study finds that a tools-based approach to modernization combined with well planned processes leads to the greatest success.

Those findings certainly fall in line with what I’ve seen over the years. Take this company for example. Their tools-based approach to modernization resulted in 6-figure savings.