Basically there are two main approaches: a greenfield implamentation and a system upgrade.
As in every question regarding SAP, the answer about which appproach will work better for you is: it depends on your specific situation and culture.
My rather technical opinion: in general, I believe most companies -even the ones with a long history investements- will choose a greenfield implementation. Why? Because in BW/4 you can build your data warehouse in a quite different (simpler and faster) way and if you transform the system you may still need to move your achitecture from LSA to LSA++
I currently know 4 clients and the result is: Greenfields 3 - Transformation 1
Remember, at this moment (Q3.2019): The support maintenance on BW 7.5 will end on 31.12.2024
If you want to know all the required steps to , you can follow the excellent Blog from Dónal Geraghty. Yes, I know he is my co-ompetition.
A couple of key points: