I was running a course in agile development when I mentioned that one of the good things about agile is being able go live with something valuable sooner.
One of the class asked whether you can measure the benefit of going live sooner. “Of course,” I replied, “and of course you should be doing so”.
Some of the group asked if we measured value in features deployed or some other way. So we had a good discussion around measuring value.
But then one of the group told us that his project was about “simplifying IT” and so his agile project manager had told her that, since the project was not adding any value to “the business” the only real measure of success was whether they deployed the features they were supposed to deploy.
But this seemed a bit silly. So we agreed that adding value to IT was in fact adding value to the business, since IT is part of the business.