"It's possible to spend a little or a lot on IT and make HR, procurement and other areas of a company more efficient," says Steve Deedy, co-lead of information technology transformation at AlixPartners, a consulting firm. "The goal for companies is not IT spending, its business effectiveness and if that leads back to [increased] IT spending, then it makes sense," he says.

The key goal for businesses shouldn't be whether IT is only helping to make areas like procurement more efficient, but whether IT is helping the business grow.

"You might make procurement better, but may be that money [for IT in the procurement project] might've been better spent helping the company grow," says Deedy.