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The concept of process improvement is about to be upended… factories of today collect massive amounts of data and use tools such as Microsoft Business Intelligence (Power BI) to create dashboards. These dashboards tell a story of what happened and model changes for process improvement. They have worked very well to establish standards and provide an early warning system with their formidable ability to bring relevance and context to data, but they cannot do a simulation and change variables using AI or ML in a predictable fashion then immediately bring them back into the physical world to provide ROI.

Google Cloud commissioned a report entitled "CIO Guide to Application Modernization." According to this report, 74% of IT spending is on maintaining legacy systems instead of creating new ones. When asked about modernization, business leaders responded that legacy systems "continue to be a drag on innovation."

Recent research has estimated that the IT outlay on Enterprise Application Development will reach $429 billion in 2021, which signifies a 7.2% growth from last year. The enterprise software market has experienced fabulous growth in recent years, with its revenue doubling up between 2009 and 2019. This makes it evident that enterprises have consistently invested in building and modernizing applications.

While innovation has supplanted cost savings as the primary driver of cloud migration for many businesses, moving to the cloud needs to make sense for your bottom line.

A global survey of IT leaders found that investing in an application modernization strategy or digital transformation is set to increase by 46% in 2022-23. The survey also found that 79% of enterprises have significantly improved end-user experiences through legacy system modernization approaches.

The post-pandemic world will embrace technology much faster than it was previously forecasted to. But the breakneck pace of tech adoption will be focused on a few innovations that would readily yield tangible benefits as the world grapples with the problem of reviving the economy. This post will delineate the megatrends in technology and the possibility of a more immediate adoption globally.

A legacy application (app) refers to any outdated technology that needs to be replaced or updated. According to a recent study, one-third of all businesses continue using legacy apps that are over a decade old. Also, one-fifth of all companies have specific applications that haven't changed for over 15 years.

All aspects of human life are susceptible to some degree of change but nothing comes close to the unpredictability and volatility of technological change. This change is evident in the disruption caused by emerging technologies in recent years.