ITIL 4 is based on the previous versions and changed the majority of the previous guidelines. The new version is focused more on the new methods of working, including the agile approach as well as DevOps method. The new release also introduces the idea of the concept of a services value system (SVS) that explains the various elements and activities that can be implemented efficiently for any IT-based business. ITIL 4 discusses about four elements that are capable of aiding companies in providing benefits to customers along with other stakeholder. Are you looking to become an ITIL specialist? Check out the ITIL foundation certification and get certified.

The four elements are as the following:

1. People and Organizations This dimension focuses on the human aspect that organizations must consider in planning their operations,, or expanding their offerings. This is a consideration of the structure of the organization, its culture and communication methods. It also examines the skills of the employees in the organization as well as their capability to generate and creating value.
2. Information and Technology This dimension is focused on the information that businesses need to make a profit and the storage and processing elements necessary to create the value and then transfer it. One of these is the need for skills and security which determines if companies have the right mix of individuals to accommodate technological advancements.
3. Value Processes and Streams The focus of this dimension in the steps that organizations need to make to improve their value, and differentiates them from those producing no value. In addition, it aids companies to think about processes or steps that are which can be automated as well as processes that are being executed in the hands of third-party suppliers.
4. Partners and Suppliers The concept of partners and suppliers considers each business as a supplier as well as the customer of services. It examines issues like what capabilities an organization would like to keep and what they would prefer to outsource. The report also requires businesses to think about whether their employees are equipped with the necessary skills or if they require to be partnered with. If yes, this is also a look at the expense of the expenses. In addition, it examines whether the organizations have good relations with suppliers and if their performance is in line with expectations.