In his book "Achieving Business Value from Technology", Tony Murphy shares the five pillars of benefit realization as well as the Gartner recommended Risk Management approach. If you are just starting on a journey and need a starting point on business value and related topics, this book is a good place to start .... IMHO
Here is some text from the Inside Flap (Source: amazon.com)
Achieving Business Value from Technology offers the expert guidance, real-world advice, and practical methodology managers need to ensure that their dollars aren’t wasted on IT disasters. It shows them how to assess projects in real time and decide whether to alter, abandon, or continue them with a clear understanding of likely impact on the business.
With the increasing importance of technology in a business world redefined by globalization, high-octane competition, and the shift from mass production to mass customization, it’s more important than ever that your IT dollars are well spent in pursuit of efficiency, adaptability, and market mobility. Knowing which initiatives offer real business value can be the competitive advantage your business needs to thrive. Simply put, no matter what your business is, IT is your business.
Achieving Business Value from Technology offers proven techniques, methodologies, governance mechanisms, and best practice guidelines to guarantee your money is transforming your current IT setup from potential value to real value. The approach offered in this book–and developed by the experts in Gartner’s Consulting and Measurement practices–has been proven to help managers make the right IT decisions every time.
Author Tony Murphy outlines a systematic process managers can use to identify, track, and realize benefits and value from their IT investments. This methodology helps management bridge the traditional gap between the business and IT sides of the organization and incorporates IT value metrics into conventional management reporting systems.
Managers will learn to monitor opportunities, risks, and impediments at all stages of the investment cycle and rest assured that the money they invest in IT will bring long-lasting and measurable benefits to the organization.
The author also provides guidelines for undertaking post-implementation benefit audits and IT sourcing, as well as tips and techniques for optimizing asset management and minimizing ongoing total cost of ownership.