IT is assuming the role of an enabler of the business. Without IT it's not possible not only to run a business, even if not related to the Internet or eCommerce; let's think in the Energy, the Utility sectors, Post, Government... This is not just because data is stored and retrieved or because there's a web site giving information, it's because the entire strategy and planning and governance is modelled and executed in the IT systems: pricing and forecast are implemented in applications, but we still miss the concept that IT "is" the business, and most of us thinks of IT in the same old fashion, or with little improvements.
I strongly believe that it's unfair to keep saying "aligning IT with the business"; this gives the false perception that business is and will run faster than IT, that a decoupling is essentially unavoidable, as it were a customer-supplier relationship. What I perceive as a message with this stereotyped sentence is that the IT has just to support the business at a faster pace. This is seen in the so now fancy "agile approach" in software development, the effect is that we give the false idea that it's all about "faster developmnent" or "faster features release". The focus in not in development but rather in maintenance, we must be aware that an application is never finished, it's continuously evolving, there is not a final deployment; the very famous RUP diagram with the phases' efforts depicted as curves, should never ends. There is no distinction between development and maintenance.
There shall be an IT environment able to host and run the entire governance of an organization, with multi level configuration capabilities in oder to allow non IT people to affect the business, to change it's strategies via an update in a business models, pricing schema. boundary values, rules. Another layer shall be able to assemble new business processes without actual development but rather using predefined services and data models. The organization shall govern on top of a Business Execution Environment, the business is in the IT and the IT hosts it, there is no gap at all because nowaday there is less and less way to influence the business without moving bits and bytes in a wire. I've seen organization struggling with post-it or spreadsheets attached via email to implement the business in a way the IT was not able yet to support. The complexity in the business and the speed at which this happen is increasing at a rate where almost no one can conceive the impacts in doing a manual change.
We shall consider the idea of a Business Execution Environment (BBE) where the business is governed and managed. This requires proper Architectural strategies and modelling techniques beause IT is still plenty of the same old multidimensional issues such as: data storage, interoperability, legacy apps, middleware, data types, technical compatibility issues, transactions, programming languages, execution platform, tools, performance, security, ids, standardization and people of course ;)