Sometimes it seems like we've automated the business but not the IT world. Although some organisations have a plethora of systems and processes to manage the operational environments, governance, portfolios, architecture and projects most do not. Few have integration of information from strategy, architecture, portfolio, governance and operations.
Enterprise Architecture, COBIT, ITIL, PMBOK and many others I suspect have provided the pieces but to get a better idea of what IT would be like if managed in the same way as IT proposes the business be managed then take a look here: http://www.erp4it.com/
It would appear to have been possible to " ERP IT" for many years now - so why has it not happened? Possibly because the scale of IT activities in most organisations is not on a par with a business that to date has been big enough to justify an investment in ERP. As the ERP market saturates perhaps the suppliers will finally integrate the toolsets and create the ITERP solution stack.