A key component of ITIL® 4 is the service value system, which transforms stakeholder needs into benefits. In other words, the ITIL service value system explains how all the components and activities of an organisation work together to enable value creation.
According to AXELOS, the creator of the ITIL framework
The service provider can be regarded as a system that converts demand from a myriad of sources into value for multiple stakeholders. ITIL® 4 calls this the service value system (SVS) and describes five component parts that interact with each other and external stakeholders to co-create value.
Copyright © AXELOS Limited 2019. Used under permission of AXELOS Limited. All rights reserved.
The ITIL 4 Service Value System is made up of inputs, elements, and outputs relevant to service management.
The key input to the Service Value System is the demand/opportunity to add or provide value in the form of products or services to external or internal consumers. The output of the ITIL Service Value System is the value delivered by products and services.
Opportunity and demand trigger activities within the ITIL Service Value System, and these activities lead to the creation of value. Opportunity and demand are always entering the system, but the organisation does not automatically accept all opportunities or satisfy all demands.
ITIL Guiding Principles – These are recommendations on how to work, or make decisions, for example: focus on value, think and work holistically, or collaborate and promote visibility.
Governance – Valuating, directing and monitoring organisational performance
Service Value Chain – A set of activities in which an organisation delivers a valuable product or service and facilitates achieving value for its customers or consumers.
Practices – A set of organisational resources aimed at performing a task or accomplishing a goal
Continual Improvement – Ensure a company’s performance continually meets the expectations of stakeholders through ongoing organizational activity
ITIL is a registered trademark of AXELOS Limited, used under the permission of AXELOS Limited. All rights reserved.
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