Only one out of five organisations have a high level of benefits realisation from their IT-enabled investments, according to the findings of a Project Management Institute survey.
The survey found a large number of organisations, both in the public and private sectors, have difficulty showing that IT-enabled investments actually delivered the intended value.
To address this, Standards Australia has published a new technical specification to guide governance bodies and executive management for effective management of IT-enabled investments.
“The executive leadership in today’s digital age must focus on the benefits being delivered, not just on the delivery of new capabilities,” said Dr Bronwyn Evans, chief executive officer, Standards Australia.
“Having effective governance will enable realisation of intended business outcomes, benefits and value throughout the business life cycle of the investment.”
Sandeep Mathur, project editor and member of Standards Australia Technical Committee, IT-030, ICT Governance and Management, said SA/SNZ 8019 provides guidance to the governing bodies to help them ask the right questions and promote the culture of accountability on benefits realisation.
“While the standard AS/NZS 8016:2013, Governance of IT enabled projects, sets out wider governance for IT projects, this specification primarily focusses on outcomes and proposes a framework for governance incorporating definitions, principles and a model,” Mathur said.
Mathur said the use of this technical specification will also reduce wastage which is prevalent in IT-enabled investments in a large number of organisations.