In a brilliant article on value orchestration platform (https://www.google.com/search?q=value+orchestration+platform%3A+model+and+strategies&oq=value+orchestration+platform%3A+model+and+strategies&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCjI0NTA4ajBqMTWoAgCwAgA&sourceid=chrome&ie=UTF-8) the authors describe important concepts related to value co-creation. Let us explore them and relate them to the ITIL4 Service Value System (SVS):
There are 4 dimensions of value:
- The economic value (e.g. focus on price)
- The functional value (e.g. focus on solutions)
- The emotional value (e.g. focus on experience)
- The symbolic value (e.g. focus on meanings)
The emotional and symbolic value are the main drivers for customer’s decision-making whereas economic and functional value are used for argumentation.
Any value co-creation process should address these 4 dimensions of value starting with 4 main phases in this sequential order:
- Co-experience of service: to build a mutual understanding of the service between the service provider and consumer.
- Co-definition of value: based on a shared internal model of preferences, capabilities, and expectations.
- Co-development of value: using the practices and focused on innovation.
- Co-elevation of the value: based on continual improvement.
The key message is that the value co-creation process is driven by co-experience of service that includes the 4 dimensions of value (economic, functional, emotional, and symbolic).
