The document discusses how ITIL principles remain relevant but must be applied differently given new technologies, operating models, customer demands, and the closer alignment of business and IT. Specifically, it notes that while fundamental ITIL processes are still applicable, the skills needed to deliver ITIL have changed due to factors like cloud computing, mobility, and the demand for more proactive and predictive services. It also presents a reference architecture called IT4IT that can help manage IT as a business and align it with business objectives in this new environment.