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You touched pretty much the big issues.

I think overall most of the problems are arising due to the fact that IT is seen as an appendix of the organization rather than a vital part of it.

One thing is to blame a headache due to lack of medication and a different thing is to realize that your head is a part of yourself and there must be reasons behind the pain and beyond medication.

Ultimately, the key metric is the amount of work to be done. IT is the nervous system of a company. When you are working hard with the brain, you are doing it wrong. The right IT is the one that does not need to work hard, at least to some of us.