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With the computational power and algorithmic improvements available today, the ongoing STAR/RHIC and HADES/GSI experiments, the future FAIR and NICA facilities becoming operational, and the new precise measurements from NICER and LIGO/VIRGO, the high-energy nuclear physics and astrophysics communities are in the unique position to set very stringent constraints on the equation of state of strongly interacting matter. We review the state-of-the-art of different approaches used in the description of hot and ultradense baryonic matter in and out of equilibrium, and discuss the regions in the phase diagram where heavy-ion collisions and neutron star mergers can overlap. Future perspectives are discussed to help define a comprehensive, multi-disciplinary strategy to map out the phase diagram of strongly interacting matter from heavy ion collisions to neutron stars. [ABSTRACT FROM AUTHOR]