Co-creation is a collaborative approach to product development initiatives in companies. It involves active participation of every stakeholder including the customers. It is a business strategy based on customer experience and building relationships. This is an emerging business model aimed at tapping the immense potential in product/service ideation that customer engagement can bring to a company.
Here are some examples of how co-creation process was used by various companies to innovate their products and processes. The images below were recreated using 24point0’s Co-Creation Business Template for PowerPoint. These slides are completely editable and can be easily customized to fit into your corporate templates.
- Fedex, the logistics giant, collaborated with external medical staff and practitioners to come up with SenseAware, a sophisticated logistics technology that helped ensure on-time delivery of live tissues for organ donation. Here is a diagram that showcases the framework:
- Here is a visual representation of the lifecycle of innovation process through co-creation.
- This is another creative representation of the co-creation process that helps understand customer needs and the company’s goals.