Impact of IT Governance on the Performance and Sustainability of Enterprises
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Increasingly, top management everywhere are realizing the significant impact that information technology (IT) can have on the success of the enterprise. Managements constantly look for ways in which IT can be utilized effectively for better benefits. In many ventures, IT has turned into an indispensable part of the business and is basic to help, manage and develop the business. Effective ventures comprehend and deal with the dangers and limitations of IT. As an outcome, boards of directors comprehend its key significance and place highest priority to IT administration. The use of IT has the potential to be the major driver of economic wealth in the 21st century. While IT is already critical to enterprise success, provides opportunities to obtain a competitive advantage and offers a means for increasing productivity, it will do all this even more so in the future.
Leveraging IT successfully to transform the enterprise and create value added products and services has become a universal business competency. IT is fundamental for managing enterprise resources, dealing with suppliers and customers, and enabling increasingly global and dematerialized transactions. IT is key for recording and disseminating business knowledge. An ever-larger percentage of the market value of enterprises has transitioned from the tangible (inventory, facilities, etc.) to the intangible (information, knowledge, expertise, reputation, trust, patents, etc.). Many of these assets revolve around the use of IT. Moreover, a firm is inherently fragile of its value emanates more from conceptual, as distinct from physical, assets. Good governance of IT therefore is critical in supporting and enabling enterprise goals. The aim of this study is focus on IT governance to investigate the extent to which, and the process through which the discourse of IT governance has come to occupy a place in organizations and society.
Through a thorough study of relevant literature, this paper presents an IT governance framework focusing on ensuring that expectations for IT are met and IT risks are overcome.
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