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CIOs, business executives, and board directors need a shared language to discuss IT performance in a fast-changing environment. Here’s a framework for those conversations.

Historically, boards have had a hard time assessing and discussing information-technology spending and capabilities. They associate IT with endless reviews of mammoth, years-long transformation projects or complex explanations by the CIO of ever-changing technologies and system requirements. And they try to decode the CIO’s reports using their first language, which is centered on traditional cost-related metrics, such as head counts and bottom lines.