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Publisher Description

Apple embraced co-creation to enhance the speed and scope of its innovation, generat­ing over $1 billion for its App-Store partner-developers in two years, even as it overtook Microsoft in market value. Starbucks launched its online platform MyStarbucksIdea.com to tap into ideas from customers and turbocharged a turnaround. Unilever turned to co-creation for redesigning prod­uct lines such as Sunsilk shampoo and revitalized growth. Nike achieved remarkable success with its Nike+ co-creation initiative, which enables a com­munity of over a million runners to interact with one another and the company, increasing its market share by 10 percent in the first year.

Co-creation involves redefining the way organizations engage individuals—customers, employees, suppliers, partners, and other stake­holders—bringing them into the process of value creation and engaging them in enriched experi­ences, in order to

—formulate new breakthrough strategies

—design compelling new products and services

—transform management processes

—lower risks and costs

—increase market share, loyalty, and returns

In this pathbreaking book, Venkat Ramaswamy (who coined the term co-creation with C. K. Prahalad) and Francis Gouillart, pioneers in working with com­panies to develop co-creation practices, show how every organization—from large corporation to small firm, and government agency to not-for-profit—can achieve “win more–win more” results with these methods. Based on extraordinary research and the authors’ hands-on experiences with successful projects in co-creation at dozens of the world’s most exciting organizations, The Power of Co-Creation illustrates with detailed examples from leading firms such as those above, as well as from Cisco, GlaxoSmithKline, Ama­zon, Jabil, Predica, Wacoal, Caja Navarra, and many others, how enterprises have used a wide range of “engagement platforms”—and how they have even restructured internal management processes—in order to harness the power of co-creation.

As the authors’ wealth of examples make vividly clear, enterprises can no longer afford to view custom­ers and other stakeholders as passive recipients of their products and services but must learn to engage them in defining and delivering enhanced value. Co-creation goes beyond the conventional “process view” of qual­ity, re-engineering, and lean thinking, and is the essential new mind-set and practice for boosting sus­tainable growth, productivity, and profits in the future.

GENRE
Business & Personal Finance
RELEASED
2010
October 5
LANGUAGE
EN
English
LENGTH
288
Pages
PUBLISHER
Free Press
SELLER
SIMON AND SCHUSTER DIGITAL SALES INC
SIZE
7.4
MB

Customer Reviews

Mark Deck ,

The Power of Co-Creation

This book changed the way I think about business processes, customer satisfaction and loyalty, supplier collaboration, and employee empowerment.

It's not another book about open innovation but it helps explain how to make open innovation more powerful. It's not another book about generating new product ideas with customers but it explains the underlying forces that make that a powerful practice and shows how to tap into that force for innovating business operations with employees, suppliers, customers, partners, regulators, and other stakeholders.

The book's concepts and examples challenged the way I thought about business value creation. Here are a few key insights that I came away with:

- Value is not produced by companies for customers or suppliers or employees. Instead it is experienced by them through the interactions the company has with them and enables for them
- Most business processes that are optimized to create value reliably and cost effectively are blind to the increased value that could result from broader and more interactive engagement
- Harnessing these new sources of value means creating platforms that engender interaction and engagement in ways it was not happening before to produce less risk, more valued experiences, and better economics
- Orchestrating better and better engagement and experience on the part of all the players in your business ecosystem will lead to growth and sustainable competitive differentiation
- Companies can apply these concepts in nearly any aspect of their business operations the same way quality concepts have been applied for the past 30 years but it will require a different mindset about value and a recognition that not all value can be engineered to a predetermined outcome (it's the experience, dummy!)
- Learning how to apply these concepts needs to start inside, with those that interact with customers, suppliers, employees, and partners -- make theirs a fabulous experience and you're on the right track (and since it came from inside, it won't take some kind of "change management" program to get it to spread)

In my opinion, we're only at the beginning of understanding the vision laid out in this book. It's fresh thinking and a worthwhile read.

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