The ITIL Service Level Management process is designed to negotiate, define, agree, monitor and report on service levels with customers. It works closely alongside other processes such as Capacity Management or Availability Management to ensure services are provided at a satisfactory level.
The ideal service level management process should begin by determining the requirements to be done and at what dates. This should be coordinated with the IT team and the business. This will help to set reasonable goals that can be achieved and are relevant to the business. Teams should also collaborate on determining how these targets are being evaluated and the impact this has on the customer experience.
Once these targets have been established, the SLM process should start by making agreements with customers and setting out the requirements for service level. This includes describing the services to be provided (including what’s included and what’s not, so there is no room for misunderstanding), defining escalation procedures and responsibilities, as well as setting performance metrics. This should be documented as an SLA.
The SLM process must also include a plan for monitoring and reporting on the level of compliance with the service, which will be monitored regularly to determine whether goals are being met or not. Automated alerting is essential. SLM must also be coordinated among teams, so everyone is aware of what services they are responsible for and ensuring that these services are meeting the agreed upon service level.
http://www.slm-info.org/2020/04/17/service-level-management-slm-benefits/