The potential held by Val IT 2.0 framework for Indian companies was among key discussion areas at the recently held Asia Pacific Computer Audit Control and Security event organized by ISACA. The framework may help CIOs in value management and cost control of the existing IT infrastructure.
Released in July 2008, the Val IT 2.0 framework has low awareness levels among Indian CIOs. Anil Jogani, the director of Milan Resourcing, United Kingdom, dedicated an entire session on the Val IT framework's scope. "Awareness levels about the potential of Val 2.0 framework are not really huge in India. We are trying to build awareness within the IT practitioners through events like these," says Jogani.
Val IT 2.0 is a comprehensive framework containing principles, processes, guidelines, toolsets and practices, to help implement value management within the organization. It helps enterprises focus on outcomes and address the costs, risks and assumptions related to a balanced portfolio of IT-enabled business investments. According to ISACA, Val IT framework 2.0 broadens the scope of Val IT beyond new investments to encompass all IT expenditures including ongoing IT services, assets and other resources. "With Val IT 2.0, more professionals are getting involved with this framework, and there are people specializing in this function," informs Jogani.
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According to Jogani, a key reason for the growing awareness of Val IT is the increased number of COBIT users. "With increasing adoption of COBIT, Val IT is coming up very fast. It is very closely mapped with COBIT," says Jogani. He further adds that small companies spending a significant proportion of their revenue in IT can invest in the Val IT 2.0 framework, as stakeholders like to know what is happening with the spent money. This framework will increase understanding and transparency of costs, risks and benefits, resulting in a much more informed management decision. This increases the probability of selecting IT-enabled business investments that have the potential to generate high returns.
Currently, large companies in India are going in for Val IT. "I think the top 500 companies will be the early adopters of this framework. A lot of companies are already adopting certain principles like portfolio management and program management--without realizing that these are part of the Val IT framework," says Jogani.