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| Thought Paper |
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Aligning business with IT through IT portfolio management and IT governance |
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| Abstract |
In a highly competitive global economy, where business uncertainties are frequent and compliance with multiple regulations is mandatory, organizations face a challenging task in keeping pace with changing business trends. In this situation, the primary challenge is to keep the IT organization synchronized with the business strategies to ensure deliverance of maximum business value while reducing IT cost.
However, with multiple IT applications that require continuous pruning and monitoring, and multiple projects running simultaneously, organizations find it difficult to focus adequate attention on their IT application and project portfolios. Most CXOs also have a limited insight on projects executed and the "value" these projects bring to the business.
This paper describes the importance of an IT Portfolio Management (ITPM) framework, which when coupled with an IT Governance (ITG) framework can enable organizations to improve visibility into projects and IT assets keeping them aligned to business objectives at all times. This paper also recommends the approach organizations must take for building the foundation for this combined framework that ensures constant alignment of business with IT.
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