Enterprise IT departments have not focused on the issue of gauging the value of IT investments because of other tasks to tackle, Tom Cole, general partner with the Trinity Ventures venture capital firm, said.

"I think the real [reason] the cobbler's children have no shoes is I think it's a question of priorities," Cole said. Issues such as worms, hackers and regulatory compliance have taken precedence, he said.

"The value of keeping your CEO out of jail completely outweighs the need to keep your IT system running more smoothly," said Cole.

One type of business that has been gauging IT investments is the outsourcing business, Cole said. An outsourcer's entire business is predicated on providing IT services, as opposed to the role of IT in enterprises, he said.

"At the end of the day, even if it's strategic, IT is still going to be a cost center," rather than a revenue generator, said Cole.