Value creation in business is not a new concept, but it has evolved over time. From Peter Drucker’s view in 1954, which emphasized creating value for customers and society, to the current approach of ITIL 4, which advocates for value co-creation with stakeholders.
Value co-creation is critical in a highly competitive environment, where startups are disrupting entire industries, and consumers are becoming increasingly demanding. Technology enables high-speed operational models and immediate service delivery, but transforming demand into value successfully requires a culture of collaboration and a commitment from the entire organization.
ITIL 4, a framework for IT service management, advocates for value co-creation through the alignment of technology with business and value streams to enable real-time value. ITIL 4 also emphasizes the importance of culture and the four dimensions of service management: organizations and people, information and technology, partnerships and suppliers, and value and outcomes.
An example of how ITIL 4 can be applied is the ITIL 4 Specialist module: High-velocity IT, which bridges the gap between business and IT and uses business language to communicate with stakeholders. Value co-creation requires a commitment from the entire organization to achieve interconnected value without friction, as suggested by Steve Denning in his Forbes article.
Furthermore, value co-creation also involves understanding the customer journey towards satisfaction and loyalty. It is not just about offering value, but also about how the customer feels. As Denning suggests, the most important question for businesses in this century is “how does this activity, function, or proposition add value to external customers?”.
ITIL 4 helps organizations answer this question and adopt a more holistic and comprehensive approach. It forces service management professionals to ask the key question: “why are we doing this?” and remember that value co-creation is the reason to get up in the morning.
Culture and collaboration are essential for value co-creation and the success of digital transformation. Organizations migrating to ITIL 4 need to broaden their perspective and think at a macro level of the bigger picture, as well as work at a micro level on the details.
Adopting and adapting ITIL 4 in your organization may be the game-changing element you need to create value and stand out in a highly competitive market. Remember that value co-creation is not just about creating value, but also about co-creating it with customers and other stakeholders.
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