Companies can reduce the cycle time for the delivery of systems. Standard processes, tools, and techniques accelerate the process because the learning curve is reduced for both experienced personnel and entry-level new hires. Methodologies can also slash costs. Consistent methods help IT departments spread scarce resources that can be shared across projects. This can even result in the reduction of the number of people that need to be hired.
Methodologies reduce failures, rework, and confusion over what to do next.
They also facilitate the reuse of common code and data, which reduces costs throughout the life of the system. The use of a methodology can transform not only the IT area, but the business as well. A methodology sets IT on the path to becoming a disciplined function within the business. Too often, IT people aren't viewed as a part of the business simply because their communication and behavior don't demonstrate a consistent discipline. For example, accounting has defined universally meaningful processes, methods, and reporting vehicles.