ITIL stands for  Information Technology Infrastructure Library.    ITIL 4 -is the most current release of ITIL launched in February 2019. It is the first major update to the ITIL framework since 2007, designed to keep pace with industry trends in software development and IT operations.  

ITIL4 emphasize on adaptability to changes in the business and technology, extending the traditional ITIL model.  The biggest changes were to evolve the ITSM framework to keep pace with industry Agile, DevOps and Lean Concepts for adding business value. 

Components of ITIL: 

• Service Strategy
• Service Design
• Service Transition
• Service Operation
• Continual Service Improvement 

Service Value System

• Service Value System shifts the focus to value creation, instead of ITIL v3’s focus on the services themselves.
• IT Service Management activities work in conjunction with other business activities, contributing to holistic systems oriented thinking
• ITIL4 focuses on value over service, breaking down silos, and encouraging collaboration in adding and improving business value and customer experience.