Yes, ITS is a Scrabble word!

Letter values in Scrabble US: I 1, T 1, S 1.

Is it a valid word?

ITS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the branch of engineering that deals with the use of computers and telecommunications to retrieve and store and transmit information

Also: information technology.