While the approach to IT projects and business projects has changed in recent years, apparently the view of today's projects as being about the business has not caught up with members of the boards of directors of some of the world's largest companies. A recent survey of approximately 400 directors by Deloitte and Corporate Board Member magazine found, among other things, a disconnect between the directors' view of strategic planning and IT.

While the directors represented a variety of industries beyond financial services, Larry Danielson, principal and head of the insurance technology team at Deloitte, believes the insurance industry is worse than others when it comes to understanding the value of IT.

"[Insurance] is a complicated business, but when people say, 'Well, that's technology,' I don't think they appreciate what the project does for the business," says Danielson. When business leaders define technology-based projects, more than 50 percent of what is being addressed is really about changes to the business, contends Danielson. "The rest has to do with making the technology do what it's being asked to do," he adds. "Maybe it's the way the board is communicated to or the amount of time the members spend, but I'm not sure the boards are getting it. The risks and potential improvement are not fully appreciated. There are those that embrace [IT], but I think very few of them really do."