Word of the Day: VAL IT (value from IT investments)

Word of the Day Daily updates on the latest technology terms | April 24, 2019 VAL IT (value from IT investments) VAL IT (value from IT investments) is a framework that outlines governance best practices for information technology-enabled business investments. VAL IT was developed by ISACA, an independent, nonprofit, global association that engages in the development, adoption and use of globally accepted information system (IS) knowledge and practices. The goals of the Val IT framework are to help organizations define the relationship between IT and business, guide IT investments and manage investment portfolios for IT-enabled business. Val IT is based on seven principles: IT-enabled investments will be managed as a portfolio of investments. IT-enabled investments will include the full scope of activities that are required to achieve business value. IT-enabled investments will be managed through their full economic life cycle. Value delivery practices will recognize that there are different categories of investments that will be evaluated and managed differently. Value delivery practices will define and monitor key metrics and will respond quickly to any changes or deviations. Value delivery practices will engage all stakeholders and assign appropriate accountability for the delivery of capabilities and the realization of business benefits. Value delivery practices will be continually monitored, evaluated and improved. Val IT is based on the Control Objectives for Information and related Technology (COBIT) from ISACA's IT Governance Institute. COBIT provides a comprehensive framework for the development, implementation, monitoring and improvement of information technology governance and management practices. Val IT "complements COBIT from a business and financial perspective," and adds best practices that help measure, monitor and maximize business value stemming from IT investments, according to ISACA. Val IT addresses assumptions, costs, risks and outcomes related to IT-enabled business investments. It also provides benchmarking capability and allows enterprises to exchange IT value management best practices. Quote of the Day "No compliance framework will ever cover 100% of the controls, but organizations can prevent reinventing the compliance wheel in choosing a framework that is most applicable for their business." - Andrew Nielsen Trending Terms ISACA information system COBIT compliance framework control framework Learning Center Words to go: ITSM frameworks for enterprises These ITSM frameworks run the gamut from ITIL's and COBIT's detailed process controls to newly conceptualized Agile/DevOps and community-derived FitSM. Evaluate the COBIT framework 2019 update The COBIT framework's last update was in 2013, just after COBIT 5's release in 2012. But IT practices and tools have evolved significantly since then. COBIT 2019 adds documentation and guidelines for modern IT practices. Val IT: A little-known IT governance framework that may save you money The IT Governance Institute's IT governance framework, Val IT, is helping IT shops take their project and portfolio management to the next level. Learn how. Using metrics to explore APM business value advantages A number of metrics may be needed in addition to a baseline metric like ROI to make a meaningful comparison. Here are some metrics that can compare and manage a portfolio of applications. How to use COBIT for compliance Wondering how to use COBIT, or how to implement COBIT for security? Check out this COBIT summary for an explanation of how to use COBIT for IT governance and compliance. Quiz Yourself The manager who reviewed the proposals found that the quality of the proposals ______ generally good, but several failed to address compliance burdens in an adequate manner. a. were b. was Answer Stay in Touch For feedback about any of our definitions or to suggest a new definition, please contact me at: mrouse@techtarget.com Visit the Word of the Day Archives and catch up on what you've missed! FOLLOW US About This E-Newsletter This e-newsletter is published by the TechTarget network. To unsubscribe from Whatis.com, click here. Please note, this will not affect any other subscriptions you have signed up for. TechTarget, Whatis, 275 Grove Street, Newton, MA 02466. Contact: webmaster@techtarget.com Copyright 2018 TechTarget. All rights reserved.