What is ITIL Version 4?

ITIL 4 gives organizations the ability to incorporate different frameworks and approaches into their service management operating models.

ITIL 4 is a complete approach to service management that focuses on value driven service management.

It is an operating model that describes IT operations and software development and applies Agile, DevOps, and Lean concepts to the field of service management.

What are the components of ITIL 4?

ITIL 4 is made up of two main components, which are:

  • The four dimensions model
  • The service value system (SVS).

What is the Four dimensions model: 

ITIL 4 four dimensions model is made up of the following components which are :

  • Organizations and people
  • Information and technology
  • Partners and suppliers
  • Value streams and processes.

1. Organizations & People: An organization’s workforce is made up of people with different skills, competencies, and cultures.

People help an organization to achieve its objectives so it’s important that they remain happy and productive.

2. Information & Technology: Data management is vital to organizations because business operations and service management activities are dependent on technology. 

So businesses need to manage their information in order to maximize the value of the data in technology services delivery.

3. Partners & Suppliers: organizations work with various partners and suppliers to produce their goods and services.

For example Dairy Farmers are an important part of the supply chain for an ice cream company.

That is why it is very important to maintain a good working relationship with your partners and suppliers.

4. Value Streams & Processes: The value streams and processes dimension describes how the organization’s components work together to enable value creation through products and services. 

This dimension outlines the methods, workflows, controls, and activities required to meet predetermined goals. 

In order to properly manage products and services, the organization must set up an operational model that effectively coordinates these activities.

What is the service value system (SVS)?

The new ITIL 4 architecture includes the Service Value System.

It is a map showing the key components and skills required to manage a very successful, agile, and cost-effective service management company. 

At a high level, it lays out everything you need to do in order to convert opportunities and demand into value as quickly as possible, whether that means adding new services to the service portfolio or just getting end customers back online when there is a problem. 

You can create value both now and in the future with the aid of the Service Value System’s components. 

The elements in the Service Value System are: 

  • The 7 Guiding Principles
  • Governance
  • The Service Value Chain
  • Practices
  • Continual Improvement