The IT Governance Institute (ITGI) today announced a major update to the Val IT framework, a set of proven practices to help enterprises realize value from their investments in information technology and IT-enabled change. Enterprise Value: Governance of IT Investments, The Val IT Framework 2.0 broadens the scope of Val IT to encompass all IT expenditures including ongoing IT services, assets and other resources. The new edition adds depth through management guidelines that provide greater detail on the Val IT processes and key management practices, as well as maturity models for each Val IT domain.
ITGI also released a companion guide that helps business and IT executives kickstart a value management initiative. Getting Started With Value Management helps enterprises identify and implement the most relevant and critical Val IT processes.
Both publications are available as free downloads.
"Organizations don't have the luxury of embarking on IT investments that fail to deliver value nor can they allow underperforming investments to linger -- especially in the current economic climate," said John Thorp, a Val IT expert developer and management consultant. "Yet few companies have processes for selecting and managing IT investments using the same rigor they apply to managing their financial investments. Val IT provides a systematic framework for choosing between the winners and the losers-and managing the winners throughout their entire economic life cycle."
Val IT helps enterprises focus on outcomes and address the costs, risks and assumptions related to a balanced portfolio of IT-enabled business investments.
"Many organizations have difficulty implementing IT governance because they base IT investment decisions on IT metrics instead of business metrics," said Robert Stroud, international vice president of ITGI and IT governance evangelist at CA. "Val IT can help them identify more effective metrics, leading to successful investments in IT projects that better align with the business's strategic goals."
Version 2.0 of Val IT has been enhanced with a range of additional features,
- Restructured and extended value governance processes, which include
a broader range of portfolios, such as IT services, assets and other resources.
- Management guidelines for each Val IT process, which include inputs
to and outputs from each process, activities and associated roles and responsibilities, and goals and metrics.
- High-level and detailed, attribute-level maturity models for the three Val IT domains: value governance, portfolio management and investment management
- Terminology consistent with COBIT, ITGI's framework for managing the
execution of IT initiatives. Val IT focuses on the investment decision and the realization of benefits, while COBIT focuses on execution-whether executives are doing things the right way and getting them done well.
According to a report by Forrester, calculating value for today's change initiatives is more difficult, yet more critical, than ever before. The report recommends that "organizations struggling to execute IT strategies that deliver business value and to communicate this value to stakeholders should evaluate Val IT as a tool for improved value delivery."