In spite of rapid strides in evolving Architecture processes that can help Enterprises leverage IT for creating Value, shortcomings are widely perceived. In this paper, the author discusses four points. Part I covers structuring the enterprise, business value and its measurement and maximizing returns from IT assets. This part examines architecting for value, IT enabled. It is suggested that, since the impacts are generally inseparable, IT changes should be planned within a holistic framework considering all other business considerations, merging all enterprise capabilities and all approaches from different disciplines to creating Value. Further, this Architecture should be aligned with the Architecture of the business, i.e., with business models, rather than with business strategies. A subsequent paper will study the application through a case study and share recommendations for IT services vendors.