Internet Explorer (IE) has finally come to a glorious end in the battle of browsers. For many legacy applications, this can be a nightmare as you need to upgrade for other browser support or Microsoft Edge. However, the announcement does not give an instant end to your application as many layman will think. It just means that there will be no more upgrades or support related to this product.
In most misconception, EOL does not refer to defective product. It is just a risk management. Do not be surprise to see Windows 95 still being in used for many old legacy applications for many years even though the support have been stopped. For the paranoid, there is a push factor to force an upgrade ASAP. This is where the cost of upgrade will be highest for many reasons. Instead, focus on risk management and contingency planning while you budget for a realistic upgrade cost.
Digital Transformation Cost
90% of organisations will go for conservative approach of upgrade and remain in the comfort zone. Rather than an upgrade, it is worthwhile to consider a digital transformation for your product. This will have a double benefits because you are innovating your product at the same time to a new level. You can also reduce cost by marrying your upgrade and digital transformation in a single budget.
The decision of EOL is mostly to upgrade to a newer version or next product. You should take this opportunity to conduct digital transformation for your application. There is actually ample time because EOL does not mean an instant death to that product.