Information technology (IT) value has been measured at various levels of analysis, yet all business analysts would contend that the search for value has reached a point where practitioners and theoreticians are satisfied with its outcomes. We will present a new perspective that emphasizes the importance of understanding where potential value lies and how best to relate it contextually to the measurement of the firm's realized value across multiple levels of analysis. We develop the idea that complementary assets (especially business process design and human capital) influence the firm's realization of value, using concepts such as locus (position) of value and value conversion contingencies. Expanding beyond earlier process models of IT value, which begin with IT expenditure, our analysis of IT value emphasizes the consideration of potential value for an IT investment both in stake put up for project selection, and collections from deliveries for investment evaluation.