While most organizations have cut their IT budgets to the bone, IT Modernization is been suggested as a way to optimize value while reducing risk and cost. How exactly do we define "IT modernization"? What factors make it a compelling strategy? If we are lucky enough to get stakeholders to buy in, how do we go about planning and executing this? While IT modernization sounds great, it may be ""too good to be true"". Why should we try this just now, when we are trying to hold onto every penny?