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Enterprise Cocreation

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Submitted By jklu07
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Enterprise co-creation
New value creation strategies for growth

PwC’s PRTM Management Consulting

Enterprise co-creation

People today are seeking greater engagement with the products, processes, and services they use.
Recent developments in social media (e.g., Facebook and Twitter), advances in connectivity (e.g., smartphones), collaborative tools, and the growing interactivity of many physical goods (e.g., shop floor machinery, cars, appliances, and medical equipment) allow individuals to be more informed, connected, and active in the definition and delivery of their experiences. Customers no longer accept the traditional view that value is created by companies and that they are largely passive recipients of that value. Tremendous value for enterprises now lies in engaging people in new or redefined interactions. Customers, particularly in consumer businesses, have acted as forerunners, but employees, suppliers, and partners are not far behind in Business-to-Business (B2B) and Business-to-Consumer (B2C) settings—and they are demanding new forms of engagement from organizations. Unleashing value creation from new interactions across this spectrum is the essence of what we call “enterprise co-creation.” We believe this new way of looking at value creation is as important and fundamental as the advent of strategic planning, quality management, and business process management. For many CEOs, understanding and tapping into the power of enterprise co-creation and developing value creation strategies will become one of the top priorities on the agenda for next year, if it isn’t already. Here are six essentials for understanding enterprise co-creation: 1. Value creation comes from interactions—Customers interact with your products and people. Interactions are two-way, like a dance, and they can’t be controlled by you alone.

2. Most processes are dead

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