Application renewal tends to occur as a reaction to a problem. It should be proactive.
Mike Gruia, co-founder and chairman of UMT, tackles this conundrum in the October issue of the ABA Banking Journal. Opening with a pertinent question, “Is it time to renew your application portfolio?” he lists the top causes for failing to manage IT application value and four specific questions you can use to clarify and sharpen your thinking around redesigning and renewing your portfolio. Additionally, he offers a definition for successful organizations, stating they “consistently think and act differently” and create an “awareness that everything can change.”
In the heart of the article, Mike discusses the three principles that your company can use for effective application portfolio management (APM) and design new practices. By understanding their position relative to the banking industry, executive teams can rethink their current APM and improve processes.