The first version of the Nolan Stages Theory appeared in 1973. It explained the dynamics of the increasingly vital production factor called IT. This theory is probably the most well‐known and most widespread framework of the development of information technology in organisations. It provides many insights in the ways in which IT has evolved and continues to evolve. Moreover, it offers both senior (business) management and IT management the possibility of directing this complex phenomenon, without immediately going into technical details. Since 1973, a number of associated articles have been published by Richard L. Nolan and a number of co‐authors. The theory has continuously been adapted to the current IT environment and has been applied by a huge number of large companies throughout the world. Proceeds with the development of the Stages Theory in order to be able to deal with the business and IT issues of the next five to ten years.