To reassert themselves, McGee said IT leaders must start thinking of themselves and their departments as revenue generators, not just cost centers. "We haven't solved all of the problems that IT can solve," McGee said, pointing to areas such as improving business intelligence or moving revenue-generating channels to a Web 2.0 network architecture as immediate ways of boosting the corporate bottom line.

For instance, the CIO at MetLife Inc. is, in the aftermath of 2005's Hurricane Katrina, installing data warehouse technology to improve the company's ability to anticipate natural disasters, McGee said. And the CIO at Abercrombie & Fitch Co. is leading the use of technology inside the clothing retailer's stores to boost sales. "He's not just putting in point-of-sale terminals," McGee said.

McGee also downplayed the oft-mentioned difficulty of measuring the value IT is delivering.

"You could set a target of improving customer satisfaction by 3 percent a year," he said. "Or you could say, 'I will contribute 2 cents per share.' "