Application Portfolio Management

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Enterprise organizations’ most common problem is that individuals buy software to solve issues. However, they realize that the software is only a temporary fix, and after that, they forget about it or use it once in a blue moon. Because of this, the IT teams are overburdened as they have to keep track of hundreds of applications simultaneously. The process of keeping track of this is known as application portfolio management. Here is what you must know about it.

Application Portfolio Management Explained

In simple terms, it is a practice whereby IT teams keep track of all the software purchased and used within the organization. This tracking aims to optimize the stack of all the technology that the enterprise operates.

It allows IT teams to manage the entire portfolio of applications. For example, they must ensure that all software is compliant, secure, updated, integrated, and let go when needed. Successful digital transformation in the organization depends on effective application portfolio management.

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Reasons Businesses Must Use Application Portfolio Management

Here are the top reasons why businesses should use application portfolio management:

1. Mitigating Compliance And Security Vulnerabilities

To curb any compliance issues, organizations must have successful application portfolio management. It allows them to understand when the life cycle of certain software or application ends. Besides, the portfolio allows for handling customer data on time-sensitive software to enable better audit management.

2. Improve IT Efficiency

We live in a digital world, and because of this, the IT teams of any company have the most complicated jobs. The application portfolio management process can simplify their job and improve their efficiency. It will also help coordinate and implement various business processes and technologies.

3. Fill Technological Gaps Within The Organization

Application portfolio management allows organizations to understand technological gaps within the company. Once they know about these gaps, they can work towards filling them correctly. The IT teams can work on optimizing business processes by filling all the technological gaps within the organization.

4. Enable Efficient Cloud-Native Development Strategies

The core IT processes of any organization must be up-to-date and in alignment with efficient cloud-native strategies. The application portfolio management is a critical resource for IT teams and cloud architects as they help to expose any cloud roadblocks in the organization. In the long run, it can help with expanding the cloud environment and integrating the best agile principles.

5. Promote Collaboration

Finally, application portfolio management can promote collaboration between the business and the IT teams. The portfolio can diagnose the needs of the business, and relevant sections can work on finding solutions. So, it can promote successful collaboration to fill all the data and technological gaps in the company.

Final Words         

That is everything you must know about application portfolio management. It is a crucial aspect of any organization looking to improve efficiency and fill technological gaps.

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