Referenced in the first of the guiding principles ‘focus on value’, value co-creation is a core concept in the ITIL® 4 framework. But what is value co-creation? And how can your organisation benefit from it?
What is value co-creation?
According to ITIL 4, value is defined as the ‘perceived benefit, usefulness and importance of something’. Value co-creation occurs when both parties involved, the service provider and customer, can derive value from the service created.
What steps can be taken to ensure value co-creation?
Two main factors help to establish value co-creation:
- Value is clearly defined: From the outset customer expectations should be identified and an IT service manager needs to confirm that these objectives are achievable
- Ongoing collaboration: The service provider needs to be in regular contact with the customer, giving them the opportunity to provide feedback on the service being created and ensuring that it continues to meet changing needs
What are the benefits of using ITIL 4 for value co-creation?
- Builds a customer centric approach that allows IT service managers to develop a better understanding of service requirements
- Improves service quality through continued feedback and collaboration
- Increases customer satisfaction by involving them throughout the process and ensuring they are happy with the service delivered
- Gives your organisation a competitive edge by allowing you to provide a personal and tailored approach
- Forges stronger customer relationships building trust and loyalty
- Plus, much more!
Start your ITIL 4 training