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...s and the human side of the organization.
He is a prolific author and has contributed numerous articles including the Harvard Business Review article “Co-opting Customer Competence”, the Strategy & Business article “The Co- creation Connection”, and the 2004 MIT-Price WaterhouseCoopers award-winner “The New Frontier of Experience Innovation”, published in the Sloan Management Review.
He is co-author with C.K. Prahalad of the acclaimed book “The Future of Competition: Co- creating Unique Value with Customers” (Harvard Business School Press, 2004), chosen by Business Week as one of the Top 10 business books of 2004, and Strategy & Business as one of the best strategy books of 2004.
Venkat’s eclectic interests span customer experiences, innovation, marketing, operations, information technology, human resources, and strategy. His current research focuses on exploring the “next practices” in value creation through experience co-creation, innovating experience environments around customer-company interactions, customer communities and nodal company networks, leveraging technology to enable human experiences, helping businesses create new sources of competitive advantage by building co-creation capabilities and processes, building the information and communications infrastructure to support experience environments and rapid knowledge creation, and developing strategy maps and balanced scorecards for organizations to compete through experience co-creation.
His current global work with companies focuses on migrating them to the next practice of experience co-creation, how to innovate experience environments, how to leverage technology as experience enablers and communities of individuals and networks of firms for co-creating value, how to build the capabilities and processes for customer-company interactions and experience co-creation, how to build bridges between marketing, HR, IT, and operations around customer experiences, how to build the brand through personalized experiences, how to manage the quality of experiences, and how to build and lead the experience-centric organization for creation of new strategic capital and sustainable growth.
Venkat is working on a new book "Experience Co-Creation: Migrating Companies to the Next Practices of Value Creation"
Topics
Topic 1. Value Creation: The New Paradigm of Co-Creation
Customers have greater product variety than ever before, yet they are less satisfied. Managers have more strategic options, yet they deliver less value. These paradoxes suggest value must be jointly created by the consumer and the company. During this presentation, we will discuss the new paradigm of co-creation of value: what it is, why now, its implications for companies and how to get there.
Topic 2. Innovation: The Next Frontier of Experience Innovation
Innovation always has been about new technologies, features and processes, whether in creating new product/service offerings or new business concepts. The next frontier of innovation, however, is about building experience environments and the supporting infrastructure for individual customers to co-construct their own unique value through personalized interactions. We will discuss how companies can create new sources of value with customers and generate profitable, organic growth.
Topic 3. IT: The Next Practice of Experience Quality Management
In the new value-creation process that is emerging, companies and customers are co-creators of value, and the customer experience is the measure of success. IT must go beyond facilitating internal activities and collaboration with suppliers to co-creating unique value with customers. Venkat discusses the role of IT in enhancing the personal effectiveness of line managers by experiencing the business as consumers do, rapidly creating new knowledge and managing the quality of customer experiences.
Topic 4. HR: The Emerging Next Practice of HR
In the new value-creation process, HR must go beyond best practices of aligning the culture of the organization to focus on customers to co-creating value with customers. Venkat discusses the HR role in enhancing the personal effectiveness of line managers by experiencing the business as consumers do.
Topic 5. Strategy: Building New Strategic Capital
The goal of strategy is to connect resources with opportunities. The competitive space has changed dramatically due to discontinuities such as technology/industry convergence, deregulation/privatization, globalization, the Internet, new information and communication technologies, and big emerging sources of both talent and markets. If companies can escape the traditional firm-centric dominant logic of business and product-centered thinking, they can see a whole new world of opportunities with the new “co-creation” frame of reference and the lenses of “customer experiences.” They also can leverage an enhanced resource space that includes the competence of customer communities and competencies of other firms. We will discuss how firms can connect the new resource space with the new opportunity space to build new strategic capital.
Topic 6. Marketing: The Emerging Next Practice of Marketing
The dominant, traditional assumptions are that the company and consumers have distinct roles, while businesses offer products and services that hold value and exchange that value with consumers. Companies try to understand customer needs and manipulate demand to suit their offerings. These assumptions are now being challenged. The consumer now is active and engaged, and the market is becoming more like a “forum” where interactions between companies and customers are the source of value and value is created jointly by the company and the customer. We will discuss the role of marketing in co-creating unique value with customers and how to migrate marketing from managing the process of exchanging offerings (from the company to the customer) to supporting the co-creation experiences of customers.
ACADEMIC TEACHING INTERESTS
Co-creating Value
• This stream of teaching addresses managerial issues pertaining to:
• identifying new sources of value creation in the emergent economy;
• consumer-company interactions
• consumers as co-creators of value
• building the infrastructure for co-creation
• experience of co-creation
• experience quality management
• rapid knowledge creation
• strategy as discovery
Experience Innovation
• This stream of teaching addresses managerial issues pertaining to:
• changes in the value creation process;
• co-creation of value and its implications for innovation;
• value co-creation cycle;
• changes in the innovation process;
• consumers as a source of competence;
• the new frontier of experience innovation;
• innovating experience environments;
• technology as enabling experiences;
• experience personalization;
• creating markets for experiences
Marketing in the 21st Century
• This stream of teaching addresses managerial issues pertaining to:
• consumer experiences as the basis for value;
• heterogeneity of interactions;
• co-creation of value;
• personalization of experiences;
• experience environments and information technology;
• market as a forum;
• consumer’s role in marketing;
• word-of-mouth and buzz;
• experiential marketing;
• consumer networks and communities;
• experience as the brand;
• customer experience management
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- Value Creation: The New Paradigm of Co-Creation
- IT: The Next Practice of Experience Quality Management
- Strategy: Building New Strategic Capital
- Marketing: The Emerging Next Practice of Marketing
- HR: The Emerging Next Practice of HR
- Innovation: The Next Frontier of Experience Innovation
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