A variety of business software are available to help companies make better decisions and operate more efficiently. For instance accounting software can help companies keep track of books and financial transactions while project management software aids teams plan and coordinate projects. Other beneficial business applications include collaboration and communication tools that virtual data room allow employees to communicate ideas and work on projects together, even when they aren’t at the same location.

To manage a business, you need an efficient workflow and a software system that supports the long-term goals of your business. Effective application management (AM) which increases productivity and efficiency, lowers operational costs and enhances competitive advantage will help you meet these goals.

Stakeholders who are involved in the management of applications comprise the following groups:

Application Managers The group of IT professionals oversees the applications of your company. They are responsible for building and maintaining a list of all software tools that are used by the organization, and determining the most effective ones, hosting models and integrations. The team also manages budgets related to projects and daily operations, and gives reports on success to the executives and other stakeholders.

Business Unit Owners : These employees are usually responsible for choosing the business functions and apps that drive growth. They work together with IT teams to develop more user-friendly solutions, and implement strategies to encourage acceptance and engagement. This may include developing more user-friendly programs or creating a system that solicits regular feedback regarding their effectiveness. They should also be able to communicate to users that they have to upgrade or modify their applications due to technological advancements or transformative changes.