Embracing Ecosystems: Issue #19

Authors: Jason Pennington , Guillermo Vigna

Co-Creating Value: The Synergy of Technology and Exceptional Customer Outcomes

In today’s dynamic business environment, companies are increasingly recognizing the importance of co-creating solutions with their customers and suppliers to deliver significant value. This collaborative approach not only helps customers achieve their business goals but also fosters stronger, more resilient partnerships in increasingly complex ecosystems. As we indicated in our Embracing Ecosystems Issue #17, “It’s true innovation happens when people align their hearts, minds, and wills towards shared goals”.? In this issue, we reference various best practices with an example to showcase how co-creation can lead to successful outcomes.

Technology as a Pillar for Value Creation

Technology stands as a cornerstone in the value creation process. It enables companies to innovate, streamline operations, and offer tailored solutions that meet the unique needs of their customers. By leveraging advanced technologies, businesses can enhance efficiency, reduce costs, and improve overall productivity. However, the true potential of technology is realized when it is integrated with exceptional customer outcomes in mind. This means not only focusing on the technical aspects but also understanding and anticipating customer needs, preferences, and behaviors. When technology is used to create meaningful and positive customer experiences, it drives loyalty, satisfaction, and long-term success for the company.

The Harmony of Technology and Customer Service

We contend that value creation through technology must occur in harmony with exceptional customer participation, trusted partner integration and transparency as a foundation. This synergy ensures that the outcomes of co-creation exercises are not only innovative but also practical and customer centric. To achieve this, the customer experience must remain at the core of all efforts.?

Foundational Practices for Effective Co-Creation

Several foundational practices are essential to ensure that co-creation efforts yield sound results:?

1. A core team that is mutually invested in the outcome: This can be aligned with the idea behind RACI matrices for responsible, accountable, consulted and informed.?This group should initiate a problem statement rooted in process, issue identification and a potential ROI that can be measured.

1. Proactive and not reactive: True value in technology partnerships is often developed with intentional planning, discussing and defining challenges, and creating purposeful problem statements. In summary, reactive design and development often costs more while potentially creating unintended consequences for upstream and downstream processes and stakeholders.
2. Inviting trusted partners in the ecosystem: Embracing systems thinking with trusted partnerships and alliances can yield more valuable outcomes than a single entity can achieve alone.

Co-Creation in Action?

To illustrate the power of co-creation, consider the collaboration between Endress+Hauser Group and Hexagon. Hexagon AB is a global leader in precision technologies, using digital twins, robotics and AI solutions to transform industries by helping them unlock data, accelerate industrial project modernization and digital maturity, increase productivity, and move the sustainability needle.?

These two organizations developed a solution tailored to the needs of project delivery organizations. ?By leveraging Hexagon AB ’s expertise with Jovix? and material management, Endress+Hauser Group can offer a solution-based platform for customers to visualize procurement activities, goods receipt, warehouse status, and issues of goods throughout the supply chain for complex instrumentation projects. This solution is inclusive of Endress+Hauser products, third-party devices, and re-packaged solutions. Working closely with Hexagon and integrating effectively with an ERP system, an ecosystem was created through a centralized information hub. The developed platform enhances multi-vendor solutions and services and provides an exceptional level of transparency to customers by offering material and scheduling information throughout the project lifecycle. In addition, this solution also enables a mobile-worker concept to participate in the value chain.

Takeaways

Co-creating solutions with customers and partners is a powerful strategy for delivering significant value in today’s business environment. By harmonizing technology with exceptional customer service and adhering to foundational practices, companies can ensure that their co-creation efforts yield practical, customer-centric results. The example of Endress+Hauser Group and Hexagon AB demonstrates how such collaborations can drive efficiencies and success in project delivery organizations, ultimately benefiting both the companies and their customers.?

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