Sinclair says that IT governance does not necessarily mean a big financial investment.

"It's more about using a different technique," he says. "It's about working smarter, not harder."

But 88 percent of survey respondents say that there has been an increase in the complexity of projects.

"This is a clear change from the last couple of years," says Sinclair. "IT projects are often a suite of projects where functions have to work together, or where one component can't move on until another is completed."