In today's world, when client needs are continuously changing, software applications make it simple for businesses to keep up. Statista estimates that 218 billion apps will be downloaded in 2020! However, when more apps become a part of the business and new features and upgrades are added, managing the entire application portfolio and its complex architecture becomes more onerous. Organizations can only oversee and optimize their software application inventory and ensure that they continue to satisfy specific business objectives through efficient and ongoing application portfolio management (APM).

Business applications have evolved into a vital connection in achieving client goals in a creative and timely manner. The rapid rate of digital disruption and transformation, on the other hand, forces businesses to make swift and effective technological investments. Such decisions might put the business at risk if there is inadequate visibility into the application landscape and poor business alignment.

Application Portfolio Management allows firms to analyze IT costs, standardize software throughout the enterprise, and promote agility and creativity by providing a real-time and comprehensive perspective of their IT application environment. It enables enterprises to have end-to-end visibility over their application portfolio, which is especially important as the application landscape changes due to mergers and acquisitions, organizational changes, and market developments.

Best practices for Successful Application Portfolio Management

·        There isn’t a one-size-fits-all Application Portfolio Management strategy

·        Using Application Portfolio Management tools help in driving significant results

·        Complex applications need complex tools

Conclusion

Application Portfolio Management lets enterprises monitor and manage their increasing portfolio of on-premises and cloud-based apps using clear, actionable data in today's world. It lets enterprises have a clear, real-time perspective of their app landscape while allowing them to make the best tech decisions by documenting applications that have been deployed or will be deployed in the future. Invest in the correct Application Portfolio Management solutions now to maintain your app portfolio streamlined and optimized in the long run.