Good article, But I feel the solution to road block number 2 - Increase IT spend considerably, may not be the best approach.

The solution for number 3, may also be the solution for under investment.
The IT department and business units need to be more critical in their prioritisation, and the I.T. department need to be more ruthless in taking on work that does not align with overall I.T. strategy, or that does not drive value to the organisation.
The I.T. department should look to the business units to generate solutions, as many technology solutions are really to try and deal with over complicated business processes. Simplification in the business unit processes may result in lower I.T. demand, driving efficiencies in both the business unit and the I.T. department, while developing an innovative self driven solution culture.

After all these steps have been fully exhausted, only then should the idea of increasing spend be considered. Increasing spend without performing above will only mask any inefficiencies in the I.T. project/processes