"We have an emphasis on long-term perspective," says McLean. "But of course, that doesn't make immediate decisions any easier."

Still, the project process, as contentious as it may be at times, is paying off, says Hestermeyer. "Last year, with a multimillion-dollar project budget, we had less than 5 percent overspend."

That makes sense to Mark Lutchen, senior partner in the IT effectiveness practice at Pricewaterhouse'Coopers. "Governance is the glue that brings business and IT together," Lutchen says. "The ultimate objective of having a rule set is to have much a more efficient spend in IT and to make sure it counts."