"A New Approach to IT Governance –
IT Portfolio Management positions the CIO as a powerful business partner"
Introduction
In most industries today, CEOs need a CIO who can be a true business partner, someone who strategically manages IT to enhance revenue and profits.
That won’t work if the CIO is stuck in old school thinking: scrambling to buy and implement one application after another without a clear sense of strategic priorities; wasting resources on applications that perform redundant functions; and carefully depreciating hardware to keep the accountants happy.
A governance process can serve as an “enterprise missionary” that can focus on cross-enterprise dynamics and communication, serve as a central forum to capture and integrate critical information related to performance and metrics, provide necessary adjudication functions and support emerging, dynamic shared services and the performance environment, according to the Association for Enterprise Integration in Arlington, Va.
Many global companies are already getting the message. In a survey of 50 global CIOS by PriceWaterhouseCoopers and the IT Governance Institute, some 56% of CIOs say they are implementing or improving IT governance because of a need for performance improvements, such as the cost of IT, lack of effective solutions, efficiency gains from reducing duplications. More than a third said they want to improve risk management.
The CIO must become a visionary portfolio manager who skillfully controls three major asset classes: applications, intellectual capital, and financial capital. Managing this portfolio properly will transform IT into a streamlined revenue and profit center.
This paper describes an IT governance process that enables a CIO to do just that and, in turn, deliver measurable value in the context of a company’s strategic goals.
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