Obviously every industry and department and job function has their own specific ways that they can provide value to their direct supervisor.  But - here are a few ways to consider making yourself more valuable to the overall function of the team or finding ways to improve processes and ways the team works together. 

• Find a way to help a co-worker be more confident. Notice this didn't mention making your co-worker more efficient or productive - although those could be the results of your support to them. This support is a little deeper way for someone to bring out their strengths and share them in the organization. Strong teams are built on utilizing everyone's strengths to grow.
• Commit to continuing your skill development. You know PowerPoint but if a slide needs to be modified you need to ask Sally for help. You can put numbers into the internal expense database but you ask Jim to check your figures. Communicate with your manager that you are going to take a training class, ask for help from a co-worker, or go externally for training to be a more competent member of the team in whatever area you decide to build upon your current skills.
• Identify a way to make the boss' job easier. This isn't referring to offer to get him his specialty coffee in the morning, pick up his dry cleaning, or walk his dog. Think about relevance to the job - are there activities, reporting, meetings that your boss doesn't really need to be involved in where you can be his ‘eyes and ears' and report back? Consider participating in committee meetings or company volunteering/community give back projects where you can contribute in a positive way and are also able to add input to your boss on how to manage those activities more effectively in the future.