Application portfolio management tools

As a business grows and evolves, its application portfolio–that is, the collection of applications used for its operations–will grow in size and complexity. When this happens, application portfolio management tools become a necessity. ‘Application portfolio management tools’ typically refer to software that’s designed to discover and keep track of different applications that a company uses for its systems and processes. An example of this is the SaaS-based IT management solution Flexera One.

What is application portfolio management?

Application portfolio management (APM) is the initiative to manage and optimize inventories of applications to accomplish a business’s operational goals. The health and efficacy of a company’s apps and an understanding of how these contribute to operations (both IT versus OT) are crucial for supporting IT-related tasks of a business, which play a crucial role in its success.

By gathering all application data in one place, organizations can employ a better IT asset management workflow and make better decisions about their IT infrastructure. With APM tools business owners and operators can get full visibility of their application landscape, make better investments in their technology and streamline and optimize operations.

The benefits of application portfolio management

Applications run businesses, so they need to be aligned with a company’s goals, and having an APM solution will ensure they do. Here are some of the benefits of APM:

Data-driven insights

APM establishes, collects and tracks metrics that can inform a company’s decisions on evaluating, comparing and using or retiring applications.

Full visibility

APM gives business owners and operators a clear view of their entire IT environment, giving them a better understanding of their organization’s capabilities, IT budget and IT asset lifecycle management.

Proof of value

Through APM, companies can obtain evidence of the value, utility and costs of the applications used in their operations, which could be helpful when backing these up to teams and stakeholders.

Greater agility

APM can pinpoint redundant or useless applications and make collections leaner. This can give organizations greater agility and streamline and optimize operations.

Reduced risk

With APM, businesses can identify possible risks before they cause problems. This allows for proactive solutions.

Lower costs

By consolidating or eliminating apps, APM helps reduce a company’s expenses towards IT.

How to implement application portfolio management

Here’s a step-by-step guide on how to implement APM:

1. Organize: Compile a list of past, present and future applications in your system, including assets from all users and locations.

2. Track: Identify the owner and location of each application.

3. Identify lifecycles: Determine the lifecycle of each application, taking note of any maintenance or fixes done, if any.

4. Assess usage: Check the usage of each application, evaluating if they’re maximized to their full potential.

5. Establish value: Ascertain the value of the application and how it plays into the success of your operations or how it contributes to the achievement of your business goals.

6. Stay updated: Constantly update your APM tools with any new additions or adjustments to your IT infrastructure.

Application portfolio management tools

Application portfolio management tools like Flexera One can help businesses successfully carry out their APM tasks. Keeping track of a company’s entire application portfolio is near impossible without the right tools, but with them you can automate tasks and processes, get valuable insights and recommendations to reduce spend, and be aware of vulnerabilities in your applications.

When choosing APM tools, it’s important to consider how they integrate into your system and how they fit with your company’s needs and preferences. Flexera One is a flexible tool that can adapt to your organization and help you manage all of your IT assets, no matter how big or small the portfolio.

Manage your application portfolio with Flexera One

Flexera One is a useful APM tool that allows you to easily take control of your applications and other IT assets. Get in touch to learn how it could benefit your business today!