Most modernisation programmes are approved as a single large commitment and then quietly abandoned somewhere in year two — not because the engineering was wrong, but because the business could not keep funding a change it could not see, while the old system still needed maintaining alongside it.
The alternative is not a better plan for the same shape of work. It is a different shape: decomposition into increments that each deliver something on their own, so the programme survives a change of sponsor, a budget cycle, or a shift in priority. That constraint should drive the technical sequencing, and usually does not.