IT service management involves providing and administrating all aspects of information technology (IT) functions for an organization. It includes designing, planning, implementing, delivering, and operating the components (both hardware and software) that provide computing services.
By standardizing the process of IT service delivery through structured delivery and documentation, it helps to save costs by building a predictable IT function. It benefits the overall management of an organization by offering actionable insights about IT infrastructure that contribute to decision making for future planning.
Service management in IT can be performed in-house by the organization itself or outsourced to third-party providers that specialize in the field. In its best form, it focuses on achieving desired outcomes for business at the least cost and includes practices from a number of management techniques such as agile development, change management, system analysis, and compliance, and risk analysis.