"Creating value" is a phrase thrown around a lot in finance. What exactly does it mean to you?

To position the finance function as a business partner to fulfill and sustain the achievement of organizational mission and vision. 

This is spending money on tasks that would make you either 1) earn more that what you spent  2) lose more  if you were not doing them. The loss or gain could be calculated in a direct or indirect way with a ROI for example or a TCO or other.