This policy is designed to help you better understand and define the company's philosophy toward maintaining up-to-date software applications, which are typically not more than two versions behind the most recent commercially available version. It emphasizes ensuring maximum functionality and customer service through using the latest vendor-supported software. 

It also defines procedures for managing software upgrades. This includes collaboration between the information management business leader, senior management and other relevant business leaders to monitor software status and availability. This team discusses, analyzes and communicates with software vendors to devise an upgrade schedule. They also plan for project management during upgrades. 

Key considerations in these discussions include: 

• Evaluating upgrade benefits against costs
• Assessing resource availability for implementing new versions
• Identifying potential risks and issues related to the upgrade process
• Considering service quality and customer satisfaction concerns