What is meant by value in Supply chain management ? Explain briefly how value is created in SCM ?

It is created by maximizing the added values and eliminating or minimizing waste. 

Value is the increase in quality / feature of product, by a particular company in S.C.M. example tyres supplied to Toyota by General tyres.

In S.C.M. value is created by more than one company working together on a single product / service.  example payment of utility bills through bank. If bank refuses to collect bills then customer will face problems.