A survey conducted in February 2009 by the Economist Intelligence Unit, sponsored by Oracle and HP, shows that in most companies both the business functions and the IT function understand the potential benefits of modernization. But that does not mean that most companies know how to do it right. The process itself can be complex, and requires adequate analysis of business needs and an understanding of existing systems and applications. Some of the same mistakes that have dogged IT departments for decades still undermine effective IT modernization strategies. And perhaps the most debilitating mistake is improper alignment of IT modernization efforts with strategic business goals.