How Can Application Portfolio Rationalization Strengthen the Core Of Your Company?
In this ever-changing digital landscape, businesses that depend on an agile IT framework have better chances of effectively with the ambiguities of the future. In order to match the pace of digital transformation, a lot of companies have procured tools and applications in their portfolios that come with a different set of capabilities. But, the question is, how efficient are these newly implemented systems? Are they contributing to the company's growth or, are secretly depleting the budget?
Being stuck with the wrong tools and applications can not only be difficult to maintain and comply with but, also make way for a rigid infrastructure that provides little or no scope for growth. Far from simplifying tasks, they intensify data and departmental silos and fills databases with redundant information. Even if the immediate goals of different companies are different, their chief objective is to increase operational efficiency, improve customer engagement and gain a competitive edge in the market while surging the return on investment.
To ensure that your company is moving in the right direction with its choice of digital tools and systems, application portfolio rationalization is important. It is meant to assess the current IT infrastructure of a company and suggest recourses to improve its power and agility over time.
Role Of Application Portfolio Rationalization
Application Portfolio Rationalization is the assessment and streamlining of the current business applications portfolio. It aims at reducing complexities, making the system more flexible, improving efficiency and effectiveness, and cutting down the cost of ownership.
Seeking assistance from trustworthy tech experts for performing application portfolio rationalization is to strengthen the core and enhance the overall health of a company. If your organization is new to embracing digital disruption, application portfolio rationalization could suggest the best ways of embarking on this journey. On the other hand, if you already have a robust infrastructure, this study could abet your team in spotting the gaps and recommend options for bridging them.
Ways In Which Application Portfolio Rationalization Can Improve Your Company’s Bottom Line
With application portfolio rationalization, companies can measure the effectiveness of their business tools and applications under numerous parameters such as costs, deployment, lifespan, and the tasks they are capable of supporting. If needed, portfolio managers can also link different applications to multiple business capabilities and technologies so that their impact on the overall health of the business is clear in the long term. The in-depth visibility into the present system offered by this assessment can spare the IT teams of the increasing complexities and redundancies thereby, making room for seamless integration of the new systems with the legacy ones.
Enterprises that have large databases at hand, often manage large software and digital components that could turn out to be overwhelming at times. By thoroughly assessing the needs and pointing out the aspects that call for real work, organizations can limit the variety of tools in their IT framework and therefore, reduce their costs too. To delineate the products that could be given up, portfolio managers can draw critical information about them from external libraries, including the expiration dates. This information can help the managers determine whether or not these technologies are fruitfully helping the company with its operations.
An application portfolio with an array of different products doesn't imply that it is helping the IT team the way it desired. Sometimes, the combination of the wrong tools can wreak more havoc than infrastructure with only a few efficient applications. A strong application rationalization strategy could chalk out the applications that are indeed making a difference and could also extend its capabilities, if required, in the future. Thus, performing application portfolio rationalization could reduce the pressure on your IT team and the maintenance costs of tools in the long run, and save your company from running losses due to technological complexities.
Eliminate Redundancy And Reduce Training
As soon as you have the results of application portfolio rationalization, spotting the redundancies in your IT system and getting rid of them would be incredibly easy. Furthermore, if there are fewer tools to support and maintain, training the employees to work with them wouldn’t involve the irrational spending and hours of training.