Modernize (verb)

1. Make something modern or up-to-date.
2. Make social and economic changes in a society in order to develop it and make it more advanced.

Origin:

Mid 19th century: from modern + -ize.

Examples:

1. The company modernized its operations to improve productivity and efficiency.
2. The city modernized its infrastructure to attract new businesses.
3. The government modernized the army to develop new weapons and tactics.
4. The school system modernized to improve the quality of education.
5. The factory modernized to increase production and reduce costs.