This paper builds on a presentation provided as part of a recent panel session on ITSM (IT Service Management) Business Value at the NYC itSMF (Service Management Forum) Local Interest Group meeting. The panel presentation explored the definition of Business Value and how ITSM itself could be measured to produce business value. While ITSM and ITIL have been in use for years it often remains a challenge to demonstrate the business value of these methods or even to understand business value itself. This paper expands on the panel discussion on what is meant by business value and how it can be found (if at all) in the context of ITSM development and process improvement.