ITIL® is undoubtedly the most renowned framework for IT Service Management (ITSM) that exists today. ITIL® 4 is the most recent version of the ITIL® framework that offers a modernized and community-driven approach. ITIL® 4 offers to users detailed guidance for the effective management of information technology in the modern service economy. It further provides the users with a myriad of new ITSM tools, along with a renewed focus on the latest best practices for ITSM and integration with other popular standards, including Lean, Agile, and DevOps. Some inadequacies of the previous version have also been attended to in this latest iteration of ITIL®.