Digital Transformation has been a hot topic in recent years as data is found to be the greatest asset in the current era. Digital devices and data help in developing Information Technology to the next extent. It is expected that digital transformation will reach around 1.8 trillion USD in the year 2022. Also, in 2025, the projection will reach 2.8 trillion USD. Information Technology and its market are arising huge since the industrial revolution. Moreover, some technologies like Artificial Intelligence and Machine learning helps in robust development in the sector. The IT products and services used in every industry are increasing, so effectively managing them is essential. For this purpose, Information Technology Service Management has been developed. As the update and advancement to ITSM, ITIL 4 has emerged in recent years.
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What is ITIL 4?
The term ITIL stands for Information Technology Infrastructure Library. It is the most recognized framework for ITSM, where the available information systems are managed effectively. Businesses can keep track of their IT needs with the help of ITIL. Most organizations are using ITIL as vital support for IT products and services. ITIL 4 is the fourth version of ITIL, launched at the beginning of 2019. It is an updated framework considering modern technologies and the new era of digital computing. Moreover, several benefits are attained by implementing the ITIL 4 framework for business organizations. The benefits will mainly be from managing the IT devices and the services provided to the customers. Above all, business growth and revenue generation are the primary focus of this ITIL 4 implementation.
Significance of ITIL 4
ITIL 4 became a standard for IT Service Management in managing IT devices. It helps people working in different industries improve their service quality and work economically. For adapting the IT services in an organization by identifying, planning, and then delivering the requirements, ITIL 4 will be the standard framework. The primary focus of the ITIL 4 processes is to improve the capabilities of the IT devices and services provided. Besides that, it also provides opportunities to solve the issues in the business.
With ITIL, the risks and the disruption of the services in the businesses are easily managed without making it trouble. The cost-effectiveness is provided, and hence, the services are as per the demand from the customer side. The service management provided to the customers will improve with ITIL 4 and develop the business. A positive customer relationship is possible as the services provided to the customers are improved. The customers’ satisfaction is possible as their needs are fulfilled with the services provided. Moreover, the main focus of this is delivering Information Technology services effectively to improve the business value and performance.
Benefits of ITIL 4
ITIL 4 provides numerous benefits compared to the previous benefits as it is updated for new and modern technologies. The benefits possible with ITIL 4 are implementing the ITIL 4 framework in the organization and training the employees to adapt to ITIL 4 for improved business growth. The following benefits are expected after the implementation of ITIL 4.
Improved Customer Service and Quality
With high-quality service, the IT operations will be smooth, and hence the customers will be satisfied. Furthermore, the service provided to the customers in IT devices and products is also improved with ITIL, and hence the customer expectations are satisfied effectively. Therefore, improved quality and service is the greatest achievement of the ITIL 4 framework.
Better Alignment Between IT and Business
Both the business and Information Technology are aligned better with ITIL 4. IT helps solve business problems with advanced techniques; hence, they are integrated into the business environment. Furthermore, the communication and collaboration between the business teams and IT teams are improved with this framework.
Visibility of IT Costs is More
The costs spent on IT products and services are managed efficiently using ITIL 4. The unwanted costs are cut down and hence end up paying for them. In addition, with ITIL 4 in hand, the cost-cutting decisions in the business are easily taken. In conclusion, the complete visibility of every product and service cost helps improve business revenue.
Managing the Risks Effectively
When you are working on a project, several risks will be available. With ITIL 4, the risk management in the IT and business are resolved. With the strong alignment between IT and business, the technical glitches are solved immediately, reducing further consequences. Moreover, high-quality services reduce the risk, and if the risk occurs, the proper risk mitigations are applied.
Adapting Industry Standards
There are several standards applicable for the service management provided in Information Technology. As ITIL 4 is the most popular and widely used framework, all the industry standards are followed. It also helps in improving service standards at a constant rate. Above all, high-quality standards help improve the way the customers are serviced with IT.
Service Disruption is Reduced
The chances of disruption of the IT service or failure are possible in IT organizations. ITIL 4 standards and principles help reduce the failure of the service. For example, change management, problem management, and service management help improve the quality of the service and reduce the possibility of failure of the services in the organization.
Since ITIL 4 is the standard framework for businesses working on IT and is more widely used, the size of the community is huge. The greater the community, the quality of service is improved by resolving the issues faster. Therefore, the issues are shared among the community to obtain possible solutions from the global community members.
Stay in the Competition
When you work on new technology, the customer market will severely compete, as most competitors will compete. However, the customer service provided will improve satisfaction. The retention rate will be higher when you produce positive customer relationships by meeting their expectations. In conclusion, with that, you are ahead of the competition in the market.
Focusing on Agile and DevOps
ITIL is easy to use and integrated with other frameworks like Agile Project Management and DevOps. Moreover, ITIL 4 framework is compatible with the other frameworks, so any project or organization can easily adapt to ITIL 4. Moreover, the integration helps in collaborating with the teams more easily.
Regular monitoring helps in effective service management and delivery provided to customers. In addition, with past performance and live monitoring, better ways for improvement are identified. Therefore, ITIL’s best practices suggest monitoring your progress will help you improve effective service management.
In conclusion, information Technology has had vast development in recent years in most its areas. Business organizations using IT services and their products need IT Service Management to manage them effectively. Hence, organizations must use good IT services management to reduce and resolve the generated risks. ITSM has been advanced with ITIL services where the ITIL 4 framework made the standards of IT. This framework improved the quality of the IT services and other management in the business. In addition, with the integration of various other services, it resolves the issues that may arise in businesses. The quality of the service provided is improved to high quality, and hence the challenges are resolved here. The risk mitigations are possible with ITIL 4 framework, and hence businesses can focus on value and customer satisfaction.
Are you interested in learning more about ITIL 4 framework and getting certified? ITIL 4 has different levels of certification that help you grab a better job or hike in your job. Therefore, we at Invensis Learning provide various ITSM courses with highly-skilled trainers. Check our page for the various courses available. ITIL 4 Foundation course is the basis of all other courses. So join the course today to grab a seat!