Jed Simms, executive chairman of Capability Management Ltd., who has also worked for the likes of Boston Consulting Group Inc., said there is a real paradox in the IT industry today.

"I used to work for a bank where we were spending millions of dollars on IT without any perceived value," Simms said.

"We have a paradox - the IT industry employs the brightest people on the planet, but repeatedly the research shows the number of projects that deliver on time on budget is around 35 percent."

Even lower is the perceived benefit of IT at a paltry three percent.

"The first time that was measured was in 1991 and here are we 15 years later with the same success rate," he said.