Lean IT focuses on aligning IT with business values and optimizing processes to deliver customer value. Key Lean IT approaches include establishing shared values and vision, mapping value streams to simplify work, and using tools like 5 Whys, A3 problem solving, and visual management. Lean IT can be applied across the service lifecycle from strategy and design to operations and improvement. The overall goals are to drive innovation, remove waste, and continuously improve to deliver customer value faster.