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00:07 — In a recent CXO Minute, Wayne explained why steering committees are a bad idea. Alternatives to traditional steering committees can provide more efficient project management.
00:32 — One of the problems with steering committees is the assumption of a monolithic IT budget to then be divided among different projects. Business executives don’t generally budget this way. Instead, they budget for people, real estate, factories, and distribution networks — so why not IT?
01:07 — IT projects that make businesses better are, in reality, business projects with a technological component.
01:38 — Budgeting in this fashion does not mean creating hundreds of IT departments within a company. Businesses need to create IT architecture that allows room for CIOs to decide how projects are done while business units decide which projects are done.
02:26 — Under this model, a steering committee is replaced by business executives who have their selected project priorities set with additional flexibility to apply budgets where they make the most sense. IT will oversee and govern how each project will be completed.
03:37 — This is the process through which executives can turn once-static IT budgets into dynamic tools to reach desired business outcomes.
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