Application lifecycle management (ALM) is the continuous process of managing the life of an application. It begins with the initial idea and encompasses development, testing, deployment, support and retirement. ALM is similar to Software Development Lifecycle (SDLC) but more comprehensive. It can be considered a superset of SDLC.
ALM is beneficial because it provides an integrated system for development, which improves communication and helps to align IT with business objectives. Many ALM tools have features like version control and real-time planning, which assist team leaders in making decisions and creating a roadmap for the future.