IT is not a product.
IT is maintenance. Overhead. A cost center.
Think janitorial, or grounds/building maintenance, only slightly more spendy.
IT is needed in this current era, and IT costs money (sometimes LOTS of money), but in reality it doesn't, in fact, actually MAKE money in and of it's own, any more than cube farms full of people using 13-column pads and 10-key calculators did in the 1960s and '70s.
It's up to Management to figure out the direction any given company is going ... however, Management rarely looks into the details of how the plumbing works, or who is cleaning the windows or trimming the shrubbery. That is left up to the maintenance people.
Unfortunately, computers (and the use of computers), gets very expensive when you head into the several hundreds of seats range ... and extremely expensive when your eclipse 1K seats ... I won't get into the costs & complexities of 100K+ desktops spread world-wide. That's a lot of money being spent on what traditional management sees as "just maintenance" ... So traditional management thinks that it must be something more than maintenance. IT isn't.
Any company with half an ounce of common sense in this era will have both a "technical" track and a "managerial" track ... In this scenario, management does management stuff, and a more technically inclined person with managerial ability, hopefully sitting at the Board level, manages the technical side of things that most management quite frankly aren't properly equipped to understand. This person's duties should include hiring, firing, and promoting of more technologically capable employees (or, in larger companies, appointing staff to do same).
Traditional management's feudal derived mindset doesn't work with IT. IT changes too fast. Traditional management can't cope with fast changes. Trying to define IT in traditional MBA terms is, in my mind, an exercise in futility.