Getting the Most Out of IT Investments (CFO.com)

Use best practices to ensure you’re not throwing money into an IT black hole.

IT makes up a large chunk of most companies’ budgets, but often CFOs lack insight as to where that money goes or whether investments are effective. Following IT best practices can help overcome that gap, according to Martha Heller at CFO.com.

The first step, Heller suggests, is ensuring you have a corporate strategy. Then you can design your IT investment strategy around serving your business’s priorities. 

Next, put in place implementation reviews. Did your last IT investment live up to its business case?

Keep your team small. Don’t add too many executives and committees, lest you lose accountability and focus.

Remember that more meetings don’t necessarily mean a project will be successful. Make sure IT and business leaders have shared accountability.

Tailor your governance approach to your company’s culture. Once you find something that works, make sure all senior managers are aware of it. To ensure everyone’s on the same page, managers should be familiar with IT governance.

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