Software that is slow to change is a slow business.
The real cost of an ageing codebase is not a dramatic outage. It is the tax on every change. A feature that should take days takes weeks, because the code is tangled and nobody is sure what a change might break. Releases become events because they are risky. Good engineers spend their time fighting the system instead of improving the product. None of this shows up as a crisis — it shows up as a business that moves slower than its competitors, quarter after quarter, for a reason nobody puts on a slide. Modernisation removes that tax: it makes the software cheap and safe to change again, so the business can move at the speed it actually needs to.