The concept of Enterprise Architecture (EA) has long been considered as a means to improve system integration and achieve better IT-business alignment by IT professionals. Recently, the subject gained significant visibility by IS academics. In this paper we provide an overview of existing EA research and practice and present key functions and benefits of EA as seen by IT professionals based on the results of the SIM Information Management Practices Survey. We then identify and discuss directions for future research, including the development of EA definition and nomological net, as well as development of theoretical propositions regarding EA business value.