The applications portfolio in most organizations has become bloated and unwieldy – unable to meet business needs and affecting IT and business productivity. As the position of IT evolved from a business enabler to a business requirement we acquired applications and added them to our portfolios without really knowing what we already had and how additional applications would impact the future. The recession was a wake-up call for many CIO's who were asked to make budget cuts to meet the needs of the downturn. Recognizing the bloat, many CIO's and business leaders have begun to "overhaul" their application portfolios. In this session we will discuss best practices of application overhaul including application rationalization, standardization, modernization, simplification, strategy and governance. The key to ongoing governance of the application portfolio is actively engaging in Application Portfolio Management.