Benefits of application portfolio management

Application portfolio management reduces the complexities of your information technology asset management (ITAM) processes, simplifying the entire management process by identifying and removing unnecessary applications from your IT infrastructure.

Experts recommend you have an effective application portfolio management solution when you’re looking for IT asset management tools for your enterprise. You’ll need it to manage your applications and develop an operational IT asset management process flowchart.

However, you need to understand the importance of application portfolio management before you purchase any software to manage your application portfolio.

Importance of application portfolio management

Buying applications for your business is now fairly easy because you just need to identify the app and scan your credit card. You no longer need to fill in your payment details to get an app. This has reduced the IT risks and threats emanating from sharing your financial details online.

Nevertheless, it has also increased the risk of shadow IT - different departments buying software or even the same software’s without the company cataloging it or even being aware of its existence. This is especially true if you don’t have a system to help you manage your apps. This is where an application portfolio management system comes into play.

Understanding how this system will help you manage your applications across your IT infrastructure is important so that you can make an informed choice. Here are the benefits of having this system:

Closing communication gaps

Miscommunication among team members and departments in your enterprise will lead to unnecessary purchases of the same or similar software licenses. An application portfolio management system will bridge these gaps, ensuring that everyone in your company reads from the same script.

Therefore, any software license purchase will be informed by real-time data from the portfolio management program. This also eliminates the risk of duplicating apps within your IT infrastructure. The management system will identify and remove any redundant apps, thus simplifying your IT infrastructure.

Enhanced investment value

Most application portfolio management systems use Gartner’s TIME Model, which assesses your apps systematically depending on the value of your enterprise and the quality of your IT infrastructure.

This assessment will help you decide whether to continue using your current apps, replace them or invest in more advanced apps. Therefore, you’ll only purchase apps that can add value to your IT system and the overall enterprise.

Tracking your apps’ lifecycles

Because most applications are designed to perform specific tasks, you should continuously check which apps in your infrastructure have outlived their purpose so that you can remove them. Knowing the apps whose life cycles have ended will help you determine whether to replace, upgrade or discard them. Note that not every app that has reached the end of its lifecycle should be discarded.

Some apps have features that your business still needs to accomplish critical tasks and processes. An application portfolio program will help you know which apps you need and which ones to get rid of.

Managing software licenses

Knowing the expiry dates of your apps helps you plan their renewal and prevent termination of services. A good app portfolio management system should offer you essential features like calendars to track the expiration dates of your apps.

This system should also offer you email notifications to keep you informed of the upcoming license renewals. These features prevent disruptions in your workflow and assist your accounting department in setting aside enough budget for license renewal.

Minimize IT risks

You should consistently monitor the safety and quality of your apps to ensure that they don’t put your business and your customers at risk. An app portfolio management system will carry out a systematic assessment of your apps to ensure that you only have reliable and up-to-date apps that keep your enterprise fully secure.

Talk to Flexera today for advice and assistance in choosing a reputable application portfolio management solution for your business!