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What is Co-Creation and Why is it a Competitive Advantage?

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The language services and technologies industry is both highly competitive and rich in stakeholders. Doing business is not just about making your customer happy, but also your language resources, staff, investors, management, and more. VoiceBoxer is a Danish start-up offering a novel technology in the remote interpreting world: a multilingual web platform that allows presentations and webinars anywhere, in any language. The company’s recipe for success relies on the concept of co-creation, an approach that serves the interests of all stakeholders, and results in a real competitive advantage. In this session, we’ll discuss the notion of co-creation and explore how it has led to success for VoiceBoxer.

This presentation was given by Andrea Baccenetti, Co-Founder and COO of VoiceBoxer at GALA Sevilla on March 23rd 2015

Published in: Business
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What is Co-Creation and Why is it a Competitive Advantage?

  1. 1. @WeAreVoiceBoxer What Is Co-Creation and Why Is It a Competitive Advantage? Andrea Baccenetti Co-Founder and COO
  2. 2. @WeAreVoiceBoxer “Sure, companies have strived over the years to build more trusting relationships with stakeholders and to involve them more deeply in solving problems… (Prahalad and Ramaswamy, 2010)
  3. 3. @WeAreVoiceBoxer “Sure, companies have strived over the years to build more trusting relationships with stakeholders and to involve them more deeply in solving problems… The reality is that the experiences of most stakeholders still get short shrift. That’s because the stakeholders have no significant say in designing them.” (Prahalad and Ramaswamy, 2010)
  4. 4. @WeAreVoiceBoxer “Sure, companies have strived over the years to build more trusting relationships with stakeholders and to involve them more deeply in solving problems… The reality is that the experiences of most stakeholders still get short shrift. That’s because the stakeholders have no significant say in designing them.” (Prahalad and Ramaswamy, 2010)
  5. 5. @WeAreVoiceBoxer Agenda
  6. 6. @WeAreVoiceBoxer Agenda What co-creation is
  7. 7. @WeAreVoiceBoxer Agenda What co-creation is What firms have to do in order to co-create
  8. 8. @WeAreVoiceBoxer Agenda What co-creation is What firms have to do in order to co-create VoiceBoxer experience
  9. 9. @WeAreVoiceBoxer Agenda What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications
  10. 10. @WeAreVoiceBoxer Agenda What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value to the language services industry
  11. 11. @WeAreVoiceBoxer
  12. 12. @WeAreVoiceBoxer What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value to the language service industry
  13. 13. @WeAreVoiceBoxer A management practice aimed at bringing different parties together in order produce a mutually valuable outcome What Is Co-Creation?
  14. 14. @WeAreVoiceBoxer A management practice aimed at bringing different parties together in order produce a mutually valuable outcome What Is Co-Creation?
  15. 15. @WeAreVoiceBoxer These trends are affecting all industries
  16. 16. @WeAreVoiceBoxer These trends are affecting all industries Consumers are informed, networked and active
  17. 17. @WeAreVoiceBoxer These trends are affecting all industries Consumers don’t want to have products imposed on them
  18. 18. @WeAreVoiceBoxer These trends are affecting all industries People want to engage with organizations
  19. 19. @WeAreVoiceBoxer These trends are affecting all industries Consumers can choose to have a relationship based on how firms create value
  20. 20. @WeAreVoiceBoxer The firm-centric view of the world is being challenged by communities of connected, informed, empowered, and active consumers These trends are affecting all industries
  21. 21. @WeAreVoiceBoxer Stakeholders want more and more significant say in their relations with firms
  22. 22. @WeAreVoiceBoxer Stakeholders want more and more significant say in their relations with firms Firms must find new creative ways to engage with stakeholders
  23. 23. @WeAreVoiceBoxer Co-Creation Stakeholders want more and more significant say in their relations with firms Firms must find new creative ways to engage with stakeholders
  24. 24. @WeAreVoiceBoxer Co-Creation What it is not What it is
  25. 25. @WeAreVoiceBoxer Co-Creation What it is not What it is The firm trying to “please” the consumer Joint creation of value by the company and the consumer 1
  26. 26. @WeAreVoiceBoxer Co-Creation What it is not What it is The firm trying to “please” the consumer Transfer or outsourcing of activities to consumer Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context 1 2
  27. 27. @WeAreVoiceBoxer Co-Creation What it is not What it is The firm trying to “please” the consumer Transfer or outsourcing of activities to consumer Customization of products and services Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context Creating an experience environment in which the consumer can have active dialogue and co-construct personalized experiences 1 2 3
  28. 28. @WeAreVoiceBoxer Many companies have already started
  29. 29. @WeAreVoiceBoxer What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value in the language service industry
  30. 30. @WeAreVoiceBoxer “Firms must learn as much as possible about the consumer through rich dialogue that evolves with the sophistication of consumers” What do firms have to do to co-create? (Prahalad and Ramaswamy, 2004)
  31. 31. @WeAreVoiceBoxer Here’s an example
  32. 32. @WeAreVoiceBoxer
  33. 33. @WeAreVoiceBoxer
  34. 34. @WeAreVoiceBoxer
  35. 35. @WeAreVoiceBoxer
  36. 36. @WeAreVoiceBoxer
  37. 37. @WeAreVoiceBoxer It’s a Win-Win situation Consumer Firm
  38. 38. @WeAreVoiceBoxer It’s a Win-Win situation Consumer Firm Is empowered by the firm Engages and empowers consumer
  39. 39. @WeAreVoiceBoxer It’s a Win-Win situation Consumer Firm Is empowered by the firm Crafts the experience they want to have with the firm Engages and empowers consumer Doesn’t impose products to consumer
  40. 40. @WeAreVoiceBoxer It’s a Win-Win situation Consumer Firm Is empowered by the firm Crafts the experience they want to have with the firm Gets the products they ask for Engages and empowers consumer Doesn’t impose products to consumer Produces products with established demand
  41. 41. @WeAreVoiceBoxer What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value in the language service industry
  42. 42. @WeAreVoiceBoxer VoiceBoxer is a multilingual web platform for presentations and webinars that lets you reach an audience in any language
  43. 43. @WeAreVoiceBoxer Channel Partners Interpreters Customers Our Experience with Co-Creation
  44. 44. @WeAreVoiceBoxer Channel Partners Interpreters Customers Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences 1 2 3
  45. 45. @WeAreVoiceBoxer Channel Partners Interpreters Customers Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences 3 Access to building a system on the forefront of Video Remote Interpreting Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context 1 2
  46. 46. @WeAreVoiceBoxer Channel Partners Interpreters Customers Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences 3 Access to and influence on new technologies Access to building a system on the forefront of Video Remote Interpreting Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context 1 2
  47. 47. @WeAreVoiceBoxer Channel Partners Interpreters Customers Have a say in what the product will be and prioritization of technical developments according to their experiences Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences 3 Access to and influence on new technologies Access to building a system on the forefront of Video Remote Interpreting Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context 1 2
  48. 48. @WeAreVoiceBoxer Channel Partners Interpreters Customers Have a say in what the product will be and prioritization of technical developments according to their experiences Meetings, testing, surveys, constant engagement Creating an experience environment in which consumers can have active dialogue and co-construct personalized experiences 3 Access to and influence on new technologies Access to building a system on the forefront of Video Remote Interpreting Joint creation of value by the company and the consumer Allowing the consumer to co-construct the service experience to suit her context 1 2
  49. 49. @WeAreVoiceBoxer What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value in the language service industry
  50. 50. @WeAreVoiceBoxer What are the implications for that? Old Paradigm New Paradigm
  51. 51. @WeAreVoiceBoxer What are the implications for that? Focus on product efficiency Old Paradigm New Paradigm Focus on engaging and empowering
  52. 52. @WeAreVoiceBoxer What are the implications for that? Focus on product efficiency Focus on protection of intellectual property Old Paradigm New Paradigm Focus on engaging and empowering Give insight into your firm
  53. 53. @WeAreVoiceBoxer What are the implications for that? Focus on product efficiency Focus on protection of intellectual property Hard to get trust, loyalty, input from knowledgeable users Old Paradigm New Paradigm Focus on engaging and empowering Give insight into your firm Gain trust, find loyal and knowledgeable users, and receive valuable input from them
  54. 54. @WeAreVoiceBoxer What co-creation is What firms have to do in order to co-create VoiceBoxer experience Implications Why and where is the value in the language service industry
  55. 55. @WeAreVoiceBoxer Why and where is the value to language services?
  56. 56. @WeAreVoiceBoxer Why and where is the value to language services? Co-creation is viewed as the future of competition
  57. 57. @WeAreVoiceBoxer Degree of Complexity OrganizationalBoundaries Number of participants (Pricepoints, 2012) Individual Led Company R&D Crowd Sourcing Innovation Co-Creation Why and where is the value to language services?
  58. 58. @WeAreVoiceBoxer Why and where is the value to language services? Value is created by multiple stakeholders working jointly
  59. 59. @WeAreVoiceBoxer Why and where is the value to language services? Value is created by multiple stakeholders working jointly Organizational Boundaries Many
  60. 60. @WeAreVoiceBoxer Why and where is the value to language services? Competition is high in all parts of the value chain Value is created by multiple stakeholders working jointly Organizational Boundaries Many
  61. 61. @WeAreVoiceBoxer Why and where is the value to language services? Competition is high in all parts of the value chain Value is created by multiple stakeholders working jointly Number of participantsOrganizational Boundaries Many High
  62. 62. @WeAreVoiceBoxer New technologies are changing the industry Why and where is the value to language services? Value is created by multiple stakeholders working jointly Competition is high in all parts of the value chain Number of participantsOrganizational Boundaries Many High
  63. 63. @WeAreVoiceBoxer New technologies are changing the industry Why and where is the value to language services? Value is created by multiple stakeholders working jointly Competition is high in all parts of the value chain Number of participantsOrganizational Boundaries Degree of Complexity Many High High
  64. 64. @WeAreVoiceBoxer Degree of Complexity OrganizationalBoundaries Number of participants (Pricepoints, 2012) Individual Led Company R&D Crowd Sourcing Innovation Co-Creation Why and where is the value to language services?
  65. 65. @WeAreVoiceBoxer Conclusion Co-creation of experiences is key to having new sources of competitive advantage
  66. 66. @WeAreVoiceBoxer Conclusion Co-creation of experiences is key to having new sources of competitive advantage Co-creation is an enormous opportunity for firms that figure out how to harness it
  67. 67. @WeAreVoiceBoxer Channel PartnersInterpreters Customers Engage with companies that empower them to craft their experience in order to… One perspective perform their job access new services satisfy their stakeholders
  68. 68. @WeAreVoiceBoxer Ultimately, co-creation is a professional attitude
  69. 69. @WeAreVoiceBoxer “The future belongs to those that can successfully co-create unique experiences with consumers.” (Prahalad and Ramaswamy, 2004) Ultimately, co-creation is a professional attitude
  70. 70. @WeAreVoiceBoxer “The future belongs to those that can successfully co-create unique experiences with consumers.” (Prahalad and Ramaswamy, 2004) Ultimately, co-creation is a professional attitude “[…] those who succeed will be the ones who embrace new technology and are willing to explore new, creative solutions for working with interpreters.” (Naomi Bowman, 2014)
  71. 71. @WeAreVoiceBoxer A question to leave you with
  72. 72. @WeAreVoiceBoxer What are YOU doing to shape the future of our industry? A question to leave you with
  73. 73. @WeAreVoiceBoxer Thank you Andrea Baccenetti Co-founder and COO of VoiceBoxer andrea@voiceboxer.com

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