At the following blog post by Chris Curran in CIO Dashboard, he quotes Louie Ehrlich, CIO, Chevron Corp,
It is a first person example of the CIO challenges of moving up the BSM maturity model, and the need to get your IT fundamentals in place prior to shaping IT deliverables in a business context ...which is needed prior to moving to the strategic business discussion of making technology a better enabler of effective business goals.
Mr. Ehrlich references the different types of business executives he has dealt with, and offers three requirements to becoming a "business strategist CIO." I would offer that those requirements need to be done sequentially for best effectiveness. Great insight on BSM from someone who has been there and done that.