Is your organization guilty of wasting IT expenditure? Do you communicate value back to the business in terms they can relate? Are you transparent in terms of expenditure, priorities and delivery against initial forecasts and estimations? It is not a new phenomenon but even today, more than 20% of IT spend is a staggering US $600 Billion is being wasted globally!
When investments are made in the area of IT enabled business change, they are usually committed to transform the business for efficiency, agility, value and can only deliver value where appropriate governance and management processes are in place. With the global economy moving out of recession it is critical that we put processes in place to ensure that decisions taken are based on the correct organizational priorities and are reviewed constantly so that decisions can be made based on valid factual data.
In the past, many IT groups have managed projects based on the experience of a few great people that can track much of this in their heads, on spreadsheets, or perhaps by using a series of reminders in Outlook. Unfortunately, this is no longer possible, nor appropriate, in an age where compliance is mandatory and the service supply chain is growing more complex by the minute.
ISACA has developed a number of frameworks (COBIT is probably the best known) including VAL IT 2.0 which fills the gap for a framework that delivers the guidance for Value Management.
The Val IT 2.0 framework is a set of good practices that enables management to effectively govern IT investments to effectively derive optimal value. The framework provides a means to measure, monitor and optimize the realization of value from investments in IT. It complements COBIT and will help all those with an interest in benefits realization and value delivery from IT. Val IT 2.0 provides significant enhancements over its predecessor, containing components such as maturity model, goals, inputs and outputs for each process and key performance measurements.
I will be delivering a number of sessions on VAL IT 2.0 at events this year including an ‘on-demand' presentation and series of half day workshop at conferences this year. The first opportunity for you to hear more is at the ISACA EuroCACS 2011 conference, March 21-23 in Manchester (UK) where I will be delivering a session on VAL IT 2.0 called "Enhancing Business Value of IT with Val IT 2.0". If you are interested in attending the ISACA EuroCACS event to hear this session, good news, there is still time. If you cannot attend the event a webcast on Val IT 2.0 is available on the ISACA webcast.