A value stream is an end-to-end business process which delivers a product or service to a customer or consumer. The process steps along the way may both use and produce intermediate goods, services and information to reach that primary end.

Analysis may suggest the removal of intermediate process steps, goods, services and information that do not move the value stream forwards to its primary end, provided they do not serve important secondary ends such as compliance, quality control or employee loyalty.

The concept can be seen as more generic or simpler version of Porter's Value Chain and is used in Value Stream Mapping.