What is Application Management?
Businesses everywhere, every day, rely on technology to perform a variety of business functions. Business applications, sometimes referred to as software, are used to help with things like:
- Increasing productivity
- Tracking project progress
- Streamlining customer relationships
- Calculating financial figures
- Aggregating and presenting data
- And more
Application management involves ensuring that these platforms are well-designed, cost-effective, secure, necessary and resilient. The objective is to determine – on an ongoing basis – that the application is a good match for your organization. A comprehensive application management program considers aspects like data security, application age, reputational risk and more. These insights will have a direct impact on your business’s bottom line.
Application Management Risks
You can outsource processes, but you can’t outsource risk. If your applications store PII or other sensitive information, it’s crucial to hold those applications to the same standard as your own internal data security practices. Otherwise, a breach traced back to their system impacts your company just as much as theirs; compromised customer information can lead to hefty legal fines, liability accusations and irreversible reputational damage. Your reputation, fairly or unfairly, is tied to the applications that you incorporate into your operations.