The Arcmap georeferencing toolbar allows you to develop links: identifying locations on a target raster and then the associated GIS planar coordinate for each location. Based on these links, Arcmap auto adjusts the target raster the GIS planar coordinate system using an affine transformation. Once you a satisfied with the root mean squared error of your affine transformation, you can save your model coefficients to a raster world file or use the model to rectify the target raster to a new output raster.