Community-powered problem solving.

Area of Science:

• Business Strategy
• Stakeholder Engagement
• Innovation Management

Background:

• Traditional business processes often prioritize compliance and repeatability, potentially leading to stagnation.
• Co-creation offers a dynamic alternative by involving stakeholders in problem-solving and opportunity identification.
• Leveraging external expertise is crucial for sustained business growth and adaptation.

Purpose of the Study:

• To explore the concept of co-creation as a strategic approach for businesses.
• To demonstrate the practical application and benefits of co-creation initiatives.
• To highlight how co-creation can drive innovation and value for all stakeholders.

Main Methods:

• Establishing platforms (physical and digital) for stakeholder interaction and idea exchange.
• Facilitating cross-functional collaboration between internal teams and external partners.
• Encouraging organic growth and evolution of the co-creation system.

Main Results:

• A Becton, Dickinson and Company (BD) initiative successfully deepened hospital customer ties.
• Co-creation efforts led to the development of new best practices for reducing infections.
• Involvement of diverse hospital stakeholders, including nurses and CFOs, contributed valuable data.

Conclusions:

• Co-creation enables businesses to continuously tap into stakeholder skills and insights.
• This approach fosters novel value creation and enhances problem-solving capabilities.
• Implementing co-creation platforms can lead to significant improvements in operational practices and outcomes.