Introduction

The service portfolio occurs at the tail end of ITIL’s first stage, i.e., the Service strategy. The portfolio also represents the improvement plan in line with the service catalog’s third-party services. Additionally, a service portfolio also portrays different market segments and customer groups that the provider targets to market their IT services. So what is a Service portfolio, and why is it an important part of the IT infrastructure library and its lifecycle. In a nutshell, pertaining to the strategy, the portfolio ensures the mix of IT services shortlisted to provide to the customers not only meets their demands, tastes, and preferences but also is innovative and unique.

Definition

ITIL is an infrastructure that provides a set of best practices for IT services. It provides accurate guidance and information on which mix of services would fulfill their requirements and also is the top grade in quality. The service portfolio portrays the perfect mix of IT services after various screening levels, which will be incorporated in a list( service catalog) to be provided to the target consumers.

How does service portfolio management work?

Service portfolio management answers four focal questions:

• Why would a customer desire to own the service?
• Why would they prefer one provider over the other?
• Where and how should the resources be implemented?
• Are the services innovative and unique?

Answering these questions is extremely crucial when making a service portfolio, and the service portfolio manager assures that. The service portfolio also runs on the pillars of 4 sub-processes which allow the providers to complete the portfolio :

• Define: this process simplifies each IT service and explains its desired outcomes and benefit, which will be incurred by the provider and the customer
• Analyze: After the features are realized, this sub-process aids in understanding what changes and transitions will be brought about with the new IT services.
• Approve: This sub-process ensures approval of the IT services which could be released in the market, and with respect to all its aspects and benefits, the design and production of the service begins
• Charter: this sub-process takes care of the right allocation of resources that must be implemented in the IT services.