I started my IT career in the mid 90s. There were many software houses developing business applications for all industries.
By then, the term "IT service" is uncommon, we used to use the term "IT system". The word of "system" mainly focuses on IT components, hardware or software. Whereas, the term "IT service" is so common now, "service" emphasizes the value to the organization.
By then, when I was a software developer, even I became the lead of IT project team, I only knew Software Development Life Cycle (SDLC). With the introduction of IT Infrastructure Library (ITIL), we get to know Service Management Life Cycle (SMLC).
It shows that our IT industry has moved up the value chain. I believe, there are so many kinds of business applications in the market, there are hardly to re-invenet something new. Hence, the IT companies have to focus on its services.
Currently, ITIL has come to version 3. Put it into a simple way, ITIL is a set of recommendations based on the decades long experiences of its many contributors. This library consists of 6 books, the first book is an introduction to ht entire area of IT service management, and the other 5 books give the core of the best-practice recoomendations.
The good thing is, we don't have to go through the 6 books to become a ITIL practitioner. There are many ITIL course out there to certify you within a week.