In episode 57 of the CXO Minute, Tony Uphoff explains why co-creation is the new customer value proposition — more specifically, co-creation that integrates business resources, knowledge, and networks, allowing companies to expand their capabilities.
Highlights
00:13 — It used to be that price was the main focus of business negotiations. Over time, the focus shifted from price to return on investment (ROI). While these thoughts still exist in terms of negotiation discussions, the concept of value has become the watchword in most business technology negotiations.
00:45 — Tony believes the world is beginning to see a new value equation emerge — one that focuses on co-creation, which takes many forms. In this CXO Minute, Tony highlights the type of co-creation that involves the integration of business resources, knowledge, and networks that capitalize on opportunities, resolve challenges, and enable companies to do more than they previously could.
01:12 — Co-creation was initially framed as a strategy by professors from the NYU Stern School of Business, Ajit Kambil and Michael Bloch, who co-authored an article titled “Reinventing Value Propositions.” The article positioned co-creation as a strategy to transform value propositions, work with customers, and offer complimentary resources.
01:38 — The notion of co-creation was further developed in the book “The Future of Competition” by Venkat Ramaswamy and C.K. Prahalad.
01:54 — Along with data modernization, co-creation is one of the major trends fueling the acceleration economy today. In his recent CXO Minute, Tony discusses three trends he did not see coming in 2022, and why they matter for business technology — the idea of co-creation being one of them. Co-creation partnerships are redefining industries such as retail, manufacturing, and healthcare.
02:36 — These high-profile examples of co-creation should serve as frameworks and inspiration as leaders look to create new value propositions in their businesses. Technology is breaking down barriers and facilitating co-creation today.
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