Mixed empirical results about the value oflT investments are an invitation to seek better theory. Recently, a number of researchers have proposed theoretical models that trace the path IT investment inputs take on the way to creating business value. Despite substantive differences, the theoretical models share some common elements - - n particular, all of them contain a cause-effect argument of the "necessary, but not sufficient" form that characterizes process theories. In this paper, we attempt our own process theory synthesis of these models, resolving some of their apparent contradictions, to serve as a platform for future research. One important implication of our process model is to highlight IT use and kalowhow as intermediate outcomes requiring much further research.