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Co-creation involves redefining the way organizations engage individuals--customers, employees, suppliers, partners, and other stake-holders--bringing them into the process of value creation and engaging them in enriched experi-ences, 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 com-panies 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, Ama-zon, 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 custom-ers 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 qual-ity, re-engineering, and lean thinking, and is the essential new mind-set and practice for boosting sus-tainable growth, productivity, and profits in the future.
Publishers Weekly® Reviews
- Reviewed in: Publishers Weekly, page .
- Review Date: 2011-01-10
- Reviewer: Staff
With the Internet sparking a cultural shift towards collaboration and participatory commerce, and customers demanding engagement in products at unprecedented levels, corporations and institutions are scrambling to figure out the new rules of business. Likewise, employees are demanding involvement in determining company direction, and executives are discovering that accepting it brings success. In their first book together, Ramaswamy (The Future of Competition) and Gouillart (Transforming the Organization) highlight several examples, ranging from Starbucks to Summerset Houseboats, of companies moving from a top-down to a bottom-up approach and establishing cost-effective measures like crowd-sourcing to meet local needs. The authors make an excellent case by examining the successful integration of these strategies, but they never quite make the leap beyond their single-line strategy and urge for implementation. For general readers this will suffice, but it would have been helpful had the authors included implementation strategies for organizations with more limited resources as well. Still, their advice is timely and should prove beneficial to people looking for a fresh take on business strategies. (Oct.)