When focusing on value, the first step is to know who are the customers and key stakeholders being served. Next, it is important to have an understanding of what consitutes value from the consumer's perspective.

https://www.bmc.com/blogs/itil-guiding-principles/#:~:text=When%20focusing%20on%20value%2C%20the,value%20from%20the%20consumer's%20perspective.