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Already in the nineties, studies discussed the IT productivity paradox, where no clear correlation could be found between IT spend and the bottom-line impact. On the other hand, other research streams emerged, revealing findings that do illustrate the positive impact of IT enabled investments on firm performance. Several studies concluded that the necessary conditions to overcome the IT productivity paradox are to be found in a better IT value management approach. New IT value management frameworks and models are emerging and promoted by both academics and advisory entities, but while organisations recognise its importance, they are still struggling with getting such IT value management practices implemented into their organisations. This paper investigates prior research on IT value management and the implementation of it using a model of structures, processes and relational mechanisms. By doing so, this paper wants to explore future research opportunities for academics and provide practitioners with an accurate overview of proven governance and management practices described in literature that can be used in their day-to-day operations.