Application Portfolio Management (APM) is the process of continuously optimizing and managing an organization’s software applications and services. It involves understanding, organizing, and evaluating the value of each application within the portfolio and understanding its alignment with overall business goals. APM helps businesses to optimize their software investments, reduce complexity, and improve overall efficiency by consolidating overlapping applications, identifying underutilized apps, and prioritizing the deployment of new solutions.
Organizations today depend on a diverse range of software applications to support various business functions. This diversity, while advantageous in some scenarios, can sometimes be challenging to manage and maintain. Therefore, using an effective APM software tool is crucial for businesses to facilitate a clear view of their application landscape, allowing them to make data-driven decisions with regard to updating, retiring, or acquiring new software.
This guide introduces the top 10 Application Portfolio Management software solutions available on today’s market. We have considered their features, functionalities, integration capabilities, ease of use, and customer feedback to present you with this comprehensive list.
Everything You Need To Know About Application Portfolio Management Software (FAQs)
What Is Application Portfolio Management Software?
Application Portfolio Management tools give organizations a way to oversee and manage all the applications used within their technology stack. By providing a centralized database of applications, admins can gain a better understanding of key application metrics, ensuring that everything is running as it should. The tools will also carry out detailed analysis and assessments of the applications, thereby giving them an insight into what applications are most useful, and which may be unnecessary.
Ultimately, application portfolio management tools give you the information that you need to plan ahead and create effective strategic plans. Beyond this, APM solutions provide benefits that include:
- Increase visibility
- Optimize licenses and spend
- Benchmark apps and renewal pricing
- Technology standardization
- Easier management and outsourcing of IT resources
How Does Application Portfolio Management Software Work?
Application Portfolio Management software works by identifying all the active applications that you have within your system and inventorying these applications, alongside their features. The platform will then assess the applications and the way that they are used to assign values and understand the application. This can include metrics such as cost, frequency of use, capabilities, capacity, and perceived value. These metrics help to understand how integral a platform is to your organization, and where there is room for improvement.
Admins can consider the results of these tests and assessments, ensuring that every system is adding value. Any system that is not deemed to add value can either be removed and replaced, or reconfigured to ensure it is as effective as it can be.
An application portfolio management tool will collate all these metrics, as well as a breakdown of all applications, into a dashboard. As well as understanding the metrics, this dashboard will allow you to manage and control aspects of an application’s usage.
What Features Should You Look For In Application Portfolio Management Software?
- Identification – The first feature you need in an Application Portfolio Management tool is a comprehensive and clear dashboard. This should provide an easy way for you to understand the range and scale of your applications, as well as specific data and key metrics.
- Insights – You need a tool that can provide effective and insightful analysis of your applications and how you use them. These insights should explain value, risk, and alignment (with business objectives) for all your applications.
- Rationalization – An extension of your platforms analysis and insight features, your platform should help to identify applications that should be retired due to shared features or being out of date. This feature can help to streamline your productivity, whilst providing cost savings.
- Integration – Your platform can be particularly useful if it integrates with other data sources connected with your organization. This may include configuration management databases, spreadsheets, and other tools that gather data from your applications.
- Reporting – The platform should allow you to collate and share data with relevant stakeholders and users. You should be able to present this data in specific, customizable ways, ensuring that each stakeholder can gain the specific information that they need.