How is 'value' defined in ITIL 4?

In ITIL 4, 'value' is defined as the perceived benefit, usefulness, and importance of a service to customers or stakeholders. This perspective emphasizes the subjective nature of value, recognizing that it is determined by the experiences and expectations of users and stakeholders rather than merely by quantifiable metrics.

This definition aligns with the broader ITIL philosophy of co-creating value through collaborative interactions between service providers and consumers. By focusing on perceived benefits, ITIL encourages organizations to engage with stakeholders to understand their needs and expectations, ensuring that the services provided are aligned with what customers truly value.

In contrast, while monetary worth, operational efficiency, and compliance with industry standards can contribute to an organization's overall success, they do not capture the essence of value in the context of ITIL. Value is fundamentally about the relationship between the service and those it serves, which makes the concept more comprehensive than just financial metrics or operational benchmarks.