Across industries, CEOs share a top priority: harness technology to jump-start growth, accelerate time to market, and foster innovation. Chief information officers (CIOs) recognize that the C-suite depends on them to achieve growth and meet rising expectations for agility. They increasingly view IT modernization— including migrating to the cloud, adopting new application architectures, and building on cloud-native services—as a way to sustain these goals. To date, however, most companies have not captured the anticipated agility benefits because a number of challenges hinder technology leaders as they push ahead with modernization initiatives. While many of these challenges are valid, we also find some are false trade offs that can be avoided.