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Technology Modernization Approach Leading businesses use tech Modernization to improve their processes, review their business model, create new offerings, and deliver better services to their customers. Now you can do things differently and better when you review your business process and audit your Modernization system. To find a new solution for your existing technology that you want to replace, you can follow various paths. There exist two broad types of technology Modernization methods as follows: Let’s discuss these two types of Modernization techniques in detail. 1) Buy For businesses willing to transform, there always exists a dilemma if there is a technology out in the market better than what you have and will ultimately cover your changing needs today and tomorrow. This technology also needs to be in a reasonable price range that won’t be replaced any time soon. Understanding what your technology lacks and replacing it with a better and newer option is the easiest way to Modernization. Buying out the latest modern technology in the market will sail you through this process. However, this type of Modernization can lack the end-to-end efficiency, for example. You have 30 years old car whose engine is dying, but you choose to replace only the car engine. The torque this new engine will be putting in the old car will gradually lead to other car parts’ failure. Hence, you can’t fix only one major problem to revamp your system. This strategy will not be able to cover your whole system and therefore lacks efficiency 2) Build : By building, you not only start with the replacement of old technology but review the inventory of the company’s business process thoroughly. This allows you to plan a detailed strategy addressing the underlying issues that are not necessarily in only one system. The build method will integrate the new software and business process to work well in multiple sections when merged with new technology. Building new customized technology with modern techniques will undoubtedly create a better outcome for the business. Technology Modernization must follow from the business needs, which is not servicing the company well enough. Building your new technology from the ground up is way more efficient than buying the latest technology. Right Time for Technology Modernization Tech Modernization being capital and resource intensive decision, many companies fail to make Modernization decision in the right time. Companies need to have clear indicators and direction to move towards Modernization.