ITIL 4 is the latest version of the ITSM (IT Service Management) Framework, a collective of varying processes and practices that focus on improving the efficiency of IT service management and support. Several frameworks fall under ITSM, including Lean, DevOps, and Control Objectives for Information and Related Technologies (COBIT). The most popular and widely used framework among all of these, however, is the ITIL framework.
ITIL 4 thus involves updated practices addressing new challenges in service management. It is now designed to help leverage new and emerging technologies and methodologies - including cloud computing, DevOps, and Agile processes. The framework is comprised of four dimensions: Organisations and People, Information and Technology, Partners and Suppliers, and Value Streams and Processes. With a more holistic approach to delivering IT-enabled services and ensuring customer value, ITIL 4 allows for a speedier, more flexible approach to IT service management.