4 important ITIL^® Service Strategy factors for efficient IT Service Management process

The ITIL^® Lifecycle model is a key concept for organizations, looking to implement the best practices for IT Service Management. And out of the five stages in the lifecycle approach, the first one that is ITIL^® Service Strategy is the most important, as it defines the plans to be undertaken.

This is the phase where design, development and implementation guide of IT Service Management takes place, considering varying factors like risks, costs and service performance. Service Strategy focuses on the big picture – Why this service? In short, this is the stage where all the strategic decision and planning incepts.

Service Strategy Factors

Identifying the targeted market and how to implement their strategy for an effective outcome, Service Strategy deals with several factors, detailed below:

1. Demand Management: Demand Management keeps the balance between capacity and availability, focusing upon forecasting and estimation. The organization needs to fully understand the Patterns of Business Activity for a customer to determine the demand more accurately.
2. Service Portfolio Management: This is where the business understands what services are available and what will be the incurred costs to utilize them. It analyzes the overall service portfolio, concerning investment and allocated resources.
3. Business Relationship Management: A latest process in the lifecycle stages, Business Relationship Management is vital for establishing a proactive relation between customer and service provider, aimed at understanding & meeting the business requirement. BRM helps to distinctively enable the mutual relationship of IT and business for handling strategic requirement and business results.
4. Financial Management: Financial Management deals about all the capital involved. For the comprehensive planning and effective outcome of a service, financial management is a crucial management aspect for each organization. It helps to understand, define and achieve the financial goals.

Service Strategy is the platform for an organization to strategize, plan and act accordingly to grow successfully, utilizing and managing the resources efficiently.

For any aspirant looking to become a competent professional in the IT Service Management domain, full understanding and knowledge of Service Strategy is essential for implementing ITIL^® Lifecycle. A quality and extensive ITIL^® Service Strategy training will help the aspirant to understand the concepts extensively and implement them advantageously for better outcomes.

Note:
1. ITIL^® is a registered trade mark of AXELOS Limited.

2. Swirl logo™ is a registered trademark of AXELOS Limited