When I work with companies migrating to the cloud, we always cull through their application and data to determine several factors. First, should we rehost the application (lift and shift) or refactor the application (rewrite pieces for the cloud platform)? Should we retire some applications? Which should we leave as they are?
But another option is often overlooked: Replace the application with a SaaS alternative. Doing so means that we stop maintaining an on-premises system and switch to a SaaS app for the same functionality.