One by one, they rose to make their pitches to the IT steering committee. As the day wore on, business cases were presented for more than 20 IT projects. Each was framed in terms of the tremendous savings and benefits it would provide for the firm. One sceptical attendee listened closely and entered a series of figures into a calculator. Totting up the promised benefits of each proposal, he announced, “If we signed off on all of these, we would be able to cut staff by 110%.”

Such are the difficulties experienced by suppliers and buyers alike, struggling to agree on measures of likely return on investment.