Businesses continue to increase their technology investments. Most of the work done manually in businesses in the past 10-20 years has now been automated with applications. We observe that the annual IT expenditures of enterprises are increasing every year. The biggest reason for this is that businesses do not want to be left behind in the competition.
But are businesses aware of the problems that can arise as their application inventory grows? Here comes the concept of “Application Portfolio Management”, whose importance and popularity are increasing day by day.
What is Application Portfolio Management?
The concept of application portfolio management is simple: you want to keep track of all your software so that it doesn’t end up costing you more than it should. But in practice, this can be a tall order for companies that have lots of different software solutions running across different departments.
Application portfolio management is the process of monitoring and managing the software and SaaS applications that businesses purchase throughout their lifecycle.
In addition to keeping track of what you’re spending on each solution, APM also helps you evaluate whether or not certain solutions are actually helping your organization achieve its goals. As more companies turn to SaaS solutions, APM becomes even more important because it helps organizations determine if they’re getting a good return on investment from these platforms.
Purposes of Application Portfolio Management
The goal of APM is to ensure that businesses are using their software assets effectively and efficiently. This helps them reduce costs and avoid pitfalls like vendor lock-in or buying products they don’t need. But APM goes beyond just cost-cutting; it also helps companies improve collaboration across departments and increase employee productivity.
This can be accomplished by monitoring the performance of applications and making adjustments when necessary. For example, if there are multiple versions of an application in use, APM can help determine which one is most efficient or effective for a specific purpose. The result is a more streamlined enterprise that produces better results with fewer resources at its disposal.
APM is also important for businesses to have a clear picture of their software assets so that they can identify any gaps in functionality and understand how these gaps can be filled through new investments.
APM also helps businesses deal with compliance issues by providing information about what kinds of applications are being used at different times, so IT departments know if there are any compliance issues. For example, if a company has a policy requiring all employees to use encrypted email when sending sensitive data, APM can tell IT staff which employees aren’t following that policy.
Application Portfolio Management Software
Application Portfolio Management software is the solution developed to enable businesses to get maximum efficiency from an APM process. With APM software, businesses can create software inventory, access details on software assets, track application inventory costs, and easily track license tracking processes for applications.
Loggle’s application portfolio management tool makes the IT environment of businesses transparent and simplifies IT management.