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Co-creation of value and ITIL 4

Posted by Marbenz Antonio on September 5, 2022

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Why is the co-creation of value in service management such a crucial ITIL® 4 concept?

Even though some customers could anticipate providers to “provide value” on their own, value involves honest communication and proactive cooperation between providers and customers. To truly satisfy the needs of the customer and ensure a consistent and flexible approach, everyone must agree on what value is. This will enable you to “co-create” value with the customer.

Previously, providers could produce services and provide value, but businesses that simply take their viewpoint into account run the risk of slipping behind their competitors. Instead, they must understand the constantly evolving viewpoint of their clients.

Awareness of both current and future needs is necessary in the ever-changing world of today. This is how a business like Uber has been successful: by providing customers with an on-demand, door-to-door service, while also continually responding to their input and, in the process, surpassing traditional taxi businesses.

Co-creation of value and complex service relationships

To ensure that services meet consumer needs, close interactions between all parties involved in service management are essential for value co-creation.

In value co-creation, the service provider and consumer have a two-way communication mechanism to produce feedback and anticipate demands in a proactive rather than reactive approach. This entails going beyond service level agreements.

An organization can build stronger relationships and facilitate specific discussions to find solutions to problems by having effective communication. Small banks selling intimate, personal customer relationships to generate demand are an example of how this service-oriented perspective can be used as a value driver.

Value co-creation is about showing the consumer that you are aware of their needs, are there to assist them, and don’t only consider them as a source of income. Customers alone ultimately choose whether a service adds value.

Value co-creation in ITIL 4

ITIL 4 practitioners can guarantee that consumers are involved in the planning, designing, implementing, supporting, and enhancing of services through effective feedback mechanisms by using an Agile and DevOps-focused strategy. This guarantees that value is being co-created and may be obtained for the customer, the service users, and the business as a whole.

The ITIL 4 guiding principle “Focus on Value,” which emphasizes identifying what creates the most value in a service, how to obtain that value, and optimizing investments to maximize it for all stakeholders, must be taken into account to support this strategy. It refers to the notion of open dialogue when creating goods and services and appreciating value from the viewpoint of the customer.

Is true value only ever co-created?

The real value is always a joint endeavor. To set reasonable expectations and comprehend requirements, enterprises must take into account the views of consumers, customers, and providers. This includes constantly reconsidering what is valuable to make sure a service can adapt to stakeholders’ changing needs and expectations.

Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com