Application Portfolio Management (APM) solutions enable effective and easier supervision of a business’s IT software applications and software-based services. This gives managers a better view of the company’s entire inventory of software applications and metrics to highlight each application’s business advantages. Certain modernized solutions such as ServiceNow’s APM module provide a comprehensive view through a single tool, the cloud-enabled ServiceNow platform that can easily integrate with your ecosystem of tools.
As your company’s portfolio grows, your arsenal of software applications naturally increases. This may initially seem advantageous as a wide variety of applications can various tasks and processes. However, in reality it becomes difficult to identify if there are two or more applications overlapping in terms of capabilities and cost. These inefficiencies are common when there is no governance process or tool available to manage your software portfolio.
Utilizing an advanced APM solution can be a game-changer for these issues, but it’s an ongoing process, not a one-shot project. It entails harnessing modern technology with strong processes and establishing a team that grasps the business value of a strong APM program.
A modern, digital APM solution you can overcome issues such as:
It provides insights into how you can consolidate applications and which applications must be upgraded. A strong APM program with an effective APM solution enables instant as well as long-term savings. It also increases efficiency of service delivery while minimizing risks.
You’ll be able to:
1.Identify – Build a stronger, more detailed list of all business applications currently in use by the business. This gives you a better picture of where you stand at any given moment.
2.Measure – Ascertain the usage of each application by consolidating metrics pertaining to cost, usage, risk and quantity. This step is essential in order to prioritize the utility of applications.
3.Evaluate – Score the value of each application by assessing their significance and usage based on the metrics.
4.Decide – Take a call on whether to invest in an application, upgrade it, replace it with another entirely or retire the application completely based on company goals and needs.
5.Take Action – Deal with applications based on the decision made to retain, an upgrade or retire them.
ServiceNow’s APM module has several capabilities that streamline the process of managing your portfolio.
Benefits of a Modern APM Solution
Leveraging a modern digital APM solution provides significant benefits such as:
1. Reduced complexity
It is much easier to stay up to date on both the hardware and software being employed your company. The insights from this visibility enable simplifying the IT infrastructure.
2. Reduced IT operating costs
With the visibility from a modern APM solution, you’ can eliminate legacy and redundant applications. This reduces IT operating costs by trimming the fat from your portfolio. This can provide significant savings over time.
3. Appropriate solution investments
Ensure that you invest in solutions that will support your business capabilities and goals based on an analysis of your entire portfolio and its metrics.
Companies that have employed modern solutions such as ServiceNow for APM can reduce 75-80% of IT budgets that are assigned to operating and managing applications. APM is not just pertinent to how effectively you manage your portfolio and IT budget. Picking the right APM solution can be a treasure trove that provides exponential business value over time. This is because optimizing the management of application inventory enables the most effective service delivery and this can boost business performance, growth and innovation.
If you would like to leverage ServiceNow for your organization, Advance Solutions would be glad to help. As an Elite ServiceNow partner with 12+ years of experience, we have unparalleled expertise and have been instrumental in significant success for our clients worldwide. We provide Scalable, Maintainable and Upgradable solutions for our clients that drive digital transformation for long-term success. Please drop us a line and we’ll be in touch.