DefinePK

Abstract

Innovation in the field of information and communication technology (ICT) requires organizations to make prompt investments in providing customers with updated resources. Rapid growth in the field of ICT increases the responsibility of decision-makers in terms of whether to invest or not. This research aims to support such decision making by providing a comprehensive framework for the evaluation of ICT investment. Return on investment (ROI) is the common method used to assess the benefits generated from any type of investment using financial factors. However, this research primarily supports the importance of measuring value on investment (VOI) from ICT investments. This type of evaluation will provide more comprehensive results based on the influence of stakeholders through investments. The vast literature reviewed in this article discusses the limitations of ROI and evaluates ICT investment to present several practitioners’ points of view regarding its limitations and importance. Finally, this research proposes a five-phased strategy of evaluation involving investments, exploring from the point of investment until impact is made on the stakeholder. A stepwise description of the framework is presented in the methodology section to guide decision-makers in the further implementation of this technique to protect their assets and evaluate the investments in an extensive way.