Department of Business
Value co-creation, which can be defined as a joint initiative by two or more supply chain members to create value that cannot be created by the sole effort of one member, is a cornerstone concept in Supply Chain Management (SCM). To provide needed clarity about the concept, the invitation-only summit "World Class Supply Chain 2017: Value Co-creation", was convened on May 10th, 2017 in Milton, Ontario. The summit brought together accomplished executives, scholars, and students in the SCM field to engage in dialogue directed at uncovering actionable insights about three crucial issues:
- The business benefits of value co-creation
- The actions required for successful value co-creation
- The obstacles to value co-creation and ways to overcome them
The deliberations covered an extensive range of content that included concrete real-world examples to reinforce the insights. Those insights can be summarized in the following three major points:
- Information technology innovations can (a) come from an industry’s established players instead of only from new entrants and (b) significantly improve not only standard operational efficiency metrics in supply chains but also how supply chains parties interact with each other to create value.
- The suite of key success factors in value co-creation spans three major stages of activities for any organization: (i) preparing for its discussions with potential co-creation partners, (ii) having those discussions with an intent to find common ground on the most important partnership parameters, and (iii) managing the ongoing relationship(s) with selected partners.
- To be better poised for future success in value co-creation, today’s young, upcoming professionals (e.g., internship and entry-level jobs) must have jobs that are designed with a view to nurturing interpersonal skills in forming and sustaining effective inter-organizational business relationships.
Haughton, Michael, "Practical Supply Chain Management Knowledge from Industry-Academia Dialogue" (2017). Business Faculty Publications. 1.