Val IT™ is a comprehensive collection of proven management practices and techniques for evaluating and managing investment in business change and innovation. Val IT™ covers the value delivery component of IT Governance, and focuses on the governance of IT investments. Val IT™ is published by the non-profit, independent research entity IT Governance Institute (ITGI),and is closely aligned with and compliments the CobiT framework
In 2012, Val IT has been integrated into COBIT 5.
Val IT™ helps companies understand whether they are selecting the right investments and optimising the returns from them. Val IT helps enterprises identify where to invest for greatest operational or competitive gain. Val IT can help increase the value of technology investments and can also lead to business growth.
Val IT helps executives to:
- Increase the probability of picking winners
- Increase the likelihood of IT investment success
- Reduce surprises from IT cost and delivery date overruns
- Reduce costs due to inefficient investments
Concept of value
The concept of value relies on the relationship between meeting the expectations of many differing stakeholders and the resources used in doing so. The aim of value management is to reconcile these differences.
Why Val IT
An organisation needs stronger governance over IT investments if:
- IT investments are not supporting the business strategy or providing expected value
- There are too many projects, resulting in inefficient use of resources
- Projects often are delayed, run over budget, and/or do not provide the needed benefits
- There is an inability to cancel projects when necessary
- It needs to ensure compliance to industry or governmental regulations .
The 7 principles of Val IT
IT-enabled investments will:
- Be managed as a portfolio of investments
- Include the full scope of activities required to achieve business value
- Be managed through their full economic life cycle
Value delivery practices will:
- Recognise different categories of investments to be evaluated and managed differently
- Define and monitor key metrics and respond quickly to any changes or deviations
- Engage all stakeholders and assign appropriate accountability for delivery of capabilities and realisation of business benefits
- Be continually monitored, evaluated and improved