This paper presents first results of a study in which the perceptions of business and IT executives are compared regarding the maturity level of business and IT alignment and the business value of IT. The alignment of business and IT is investigated as alignment processes and structures. The business value of IT is examined with a multidimensional framework, which includes both the realized business value and the expected future business value of IT. The results indicate that business and IT executives perceive specifically the role of IT differently. Differences were also found in how business and IT executives perceive the alignment in operative IT-related activities. In addition, the views on IT’s impact on the quality of business processes and services differed. Our results indicate that professional responsibility may play a major role in some areas.