An increasing number of organizations are using the Application Portfolio.
In this blog, you will find the summarized eight most important reasons, compiled by a Thinking Portfolio application consultant, why using the Application Portfolio pays off.
- Transparency of Information
Transparency of system data is important at all levels of a company, as it provides management with the opportunity for data-driven decision-making. Through the information compiled in the Application Portfolio and the visual reports derived from it, the company can easily gain insight into various aspects such as system: life cycles, budgets, dependencies, risks, and resources. - Cost Optimisation
The Application Portfolio helps the company identify unnecessary, outdated, or overlapping systems. By discontinuing or consolidating such systems, the company can reduce its licensing, maintenance, and infrastructure costs. - Risk Management
Companies rely on their systems for the smooth operation of their core business functions. Problems with systems can slow down or even disrupt business operations, causing financial losses. Additionally, outdated systems may pose security risks to companies. Application Portfolio management helps the company identify and monitor system-related risks. - Dependency Management
The Appication Portfolio helps identify dependencies between different systems and visualize them. Managing dependencies between systems helps the company ensure system stability, data reliability, and identify potential security risks. - Resource Optimisation
When a company understands the systems in use, their dependencies, and resource requirements, it can make data-driven decisions regarding resource allocation. This brings efficiency, productivity, and time savings to the company. - Supplier Management
Supplier relationship monitoring can also be included in Application Portfolio Management. This is also an important part of business operations, which may significantly affect the efficiency, profitability, and reputation of the company. Well-managed supplier relationships can provide the company with a competitive advantage and cost savings. - Scalability
As companies grow, their application needs change. Application portfolio management enables better scalability planning for the company. This ensures that systems can handle the company’s increased demands. - Compliance
Many industries have sector-specific compliance requirements. The Application Portfolio helps ensure that companies’ applications meet these standards, thereby reducing the risk of non-compliance.
Application Portfolio Management involves not only cost management but also aligning technology with business goals, reducing risks, and enhancing overall transparency within the organization. Through the Application Portfolio, companies can implement data-driven decision-making, optimise resources, and identify and mitigate risks.
Are you interested in the topic? Explore the Thinking Portfolio Application Portfolio by downloading the Whitepaper brochure.
Thinking Portfolios expert tips provided by :
Juuso Kurtelius
Application Consultant
