How to enable Software Collections on CentOS

Red Hat Enterprise Linux (RHEL) and its community fork, CentOS, offer 10-year life cycle, meaning that each version of RHEL/CentOS is updated with security updates for up to 10 years. While such long life cycle guarantees much needed system compatibility and reliability for enterprise users, a downside is that core applications and run-time environments grow antiquated as the underlying RHEL/CentOS version becomes close to end-of-life (EOF).