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Co-Creation Trends Report: Online Healthcare
Power to the Patient: Seven Co-Creation Trends in Online Healthcare Healthcare reform is always in the news, and never more so today. In fact, many websites have appeared in recent years that make healthcare information more transparent, create dialogue between practitioners and patients (and even among patients), improve access, and reduce the risk of a bad transaction. Collectively, these websites shift both control of and responsibility for healthcare from the experts to the consumer. 1. Drinking from the health information fire hose In the not-too-distant past, specialized knowledge about healthcare and medicine was limited largely to specialists. Today, however, anyone can quickly find massive amounts of medical information online at no cost. Hospitals, doctors, insurers, government agencies, for-profit companies, and private individuals all maintain healthcare websites. A website information company lists over 59,000 websites on health. Of the top 10, four are published by the federal government (the National Institutes of Health and the Centers for Disease Control), two are from a private medical information company (WebMD), two are portals drawing from multiple sources (Yahoo Health and Drugs.com), one is from a pharmacy (Walgreens), and one is from a healthcare practice (the Mayo Clinic). Frankly, the challenge for non-experts today is to wade through the thousands of Web pages and separate the useful information from the irrelevant. To take one example, WebMD.com draws 17 million visitors per month, on average. Part of its appeal lies in the way the free
Selected events
University of Michigan Ross School of Business, April 19–20, 2010, Ann Arbor, Michigan – Venkat Ramaswamy and Francis Gouillart will lead a two-day executive education program on "Co-Creating Your Company's Future with Your Customers, Employees, and Stakeholders." HSM Expo Management 2009, Nov. 30 – Dec. 2, 2009, Sao Paulo – Venkat Ramaswamy will join business and thought leaders including Jack Welch, Carly Fiorina, Michael Porter, and Paul Krugman as a keynote presenter to deliver "Co-Creating the Future." HSM Expo Management 2009, Nov. 18–19, 2009, Mexico City – Venkat Ramaswamy will join business and thought leaders including Gary Hamel, Muhammad Yunus, Thomas Frey, and Jack Welch as a keynote presenter to deliver "Co-Creating the Future." The International Convention of Excellence, Nov. 4, 2009, Madrid – Francis Gouillart will lead a panel discussion on "Co-Creating the Future." Strategic Account Management Association University, Oct. 20, 2009, Chicago – Francis Gouillart led a full-day workshop on "How to Co-Create with Your Customer: A Step-by-Step Process." Strategic Account Management Association Annual Conference, May 10–12, 2009, Hollywood, Florida – Venkat Ramaswamy delivered an executive-level presentation, "Co-Creating the Future," and Francis Gouillart will lead a workshop on "Unleashing the Power of Co-Creation in Strategic Account Management." Ross School of Business Executive Education Special Event, April 17, 2009, Ann Arbor, Michigan – C.K. Prahalad and M.S. Krishnan, colleagues of Venkat Ramaswamy, led a colloquium on their book, The New Age of Innovation. Babson 2.0 Innovation Summit, March 17–18, 2009, Wellesley, Massachusetts – Francis Gouillart led a workshop on co-creation, offering attendees a hands-on experience and the analytical process for uncovering co-creation opportunities. Strategic Account Management Association Pan-European Conference, March 8–10, 2009, Berlin – Francis Gouillart gave an executive-level presentation, "The Innovation Challenge," and led a workshop on "Unleashing the Power of Co-Creation in Strategic Account Management." Tetra Pak Dairy Leaders Forum, March 5–6, 2009, Davos, Switzerland – Venkat Ramaswamy delivered a presentation on "Co-Creating the Future" to the world's top dairy producers. International Consortium for Executive Development Research (ICEDR) Seminar, Feb. 13, 2009, London – Francis Gouillart gave a keynote presentation titled "Co-Creating Talent Management Processes – Placing People at the Heart of Your Business Model." Knowita Strategy, Marketing, and Innovation Conference, Dec. 2, 2008, Milan – Venkat Ramaswamy gave a keynote presentation on co-creation. Symnetics Andina Strategy and Execution Forum, Nov. 18, 2008, Bogota, Colombia – Venkat Ramaswamy gave a keynote presentation on co-creation. Deloitte France Co-Creation Conference, Nov. 12, 2008, Paris – Venkat Ramaswamy and Francis Gouillart headlined this event at L’Echangeur. Strategic Account Management Association, Oct. 15, 2008 – Francis Gouillart presented a webinar on "Co-Creation Mapping: Unleashing Strategic Account Management Across the Value Chain." Palladium Group European Innovation Movement Symposium, Oct. 6–7, 2008, Madrid – Venkat Ramaswamy and Francis Gouillart headlined this conference on new models of innovation. Marketing Science Institute conference: Innovation and Co-Creation, June 16–18, 2008, Seattle – Venkat Ramaswamy was a keynote speaker. The Organization Design Forum's 2008 Annual Conference: Designing for Impact: Our Changing Organizations, Community and World, April 22–24, 2008, Philadelphia – Francis Gouillart was a keynote speaker. SAP's CEO event: Growth Through Collaboration: Transforming the Business Network, April 3–4, 2008, Frankfurt – Venkat Ramaswamy was a workgroup chair. European Co-Creation Forum, March 12–13, 2008, Madrid – Francis Gouillart and Venkat Ramaswamy led the conference, with contributions from David Butter. Co-Creating Experiences with Clients, March 4-5, 2008, Mexico City – Francis Gouillart and Venkat Ramaswamy led the conference.
See also a comprehensive list of Venkat Ramaswamy's speaking engagements.
Publications
"Are You Ready for the Co-Creation Movement? by Venkat Ramaswamy, IESE Insight, third quarter 2009 This article in the journal of IESE Business School (Spain) chronicles the growth of the co-creation movement and shows why it is poised for even greater expansion. "Co-Creating Strategic Risk-Return Management" by Mark L. Frigo and Venkat Ramaswamy, Strategic Finance, May 2009 This cover story in the magazine of the Institute of Management Accountants applies co-creation to the management of risks and returns. "Leading the transformation of co-creation to value" by Venkat Ramaswamy, Strategy & Leadership, March/April 2009 The co-creation model applied with employees and human resources. "Co-creating value through customers' experiences: the Nike case" by Venkat Ramaswamy, Strategy & Leadership, Sept./Oct. 2008 A case study of co-creation in consumer goods.
"Co-Creating Strategy with Experience Co-Creation" by Venkat
Ramaswamy and Francis Gouillart Experience Co-Creation (ECC) is a new paradigm of strategy innovation. It's about how companies can innovate compelling value propositions by co-creating strategy with their customer-facing employees and their customers. — From the publisher
The interactive
space between a firm and its customers has the potential
to create business value. The basis of value for each customer shifts
from a physical product to the total co-creation experience. Prof.
Venkat Ramaswamy of the University of Michigan builds a compelling
case for building experience co-creation platforms.
C. K. Prahalad and Venkat Ramaswamy explore
why, despite unbounded opportunities for innovation, companies still
can’t satisfy customers and sustain profitable growth. The explanation
for this apparent paradox lies in recognizing the structural changes
brought about by the convergence of industries and technologies; ubiquitous
connectivity and globalization; and, as a consequence, the evolving role
of the consumer from passive recipient to active co-creator of value.
Managers need a new framework for value creation. Increasingly, individual
customers interact with a network of firms and consumer communities to
co-create value. No longer can firms autonomously create value. Neither
is value embedded in products and services per se. Products are but an
artifact around which compelling individual experiences are created.
As a result, the focus of innovation will shift from products and services
to experience environments that individuals can interact with to co-construct
their own experiences. These personalized co-creation experiences are
the source of unique value for consumers and companies alike. In this
emerging opportunity space, companies must build new strategic capital – a
new theory on how to compete. This book presents a detailed view of the
new functional, organizational, infrastructure, and governance capabilities
that will be required for competing on experiences and co-creating unique
value.
Value creation, the central focus of managerial activity, is undergoing
rapid change. The dominant,
As competition intensifies and profit margins shrink, managers are
under
overwhelming pressure
Companies spent the 20th century managing efficiencies. They must spend
the 21st century managing experiences. For more than 100 years, a company-centric, efficiency-driven view of
value creation has shaped our industrial infrastructure and the entire
business system. Although this perspective often conflicts with what
consumers value – the quality of their experiences with goods and
services – companies see value creation as a process of cost-effectively
producing goods and services. Now information and communications technology,
the Internet in particular, is forcing companies to think differently
about value creation and to be more responsive to consumer experiences.
In fact, the balance of power in value creation is tipping in favor of
consumers.
Major business trends such as deregulation, globalization, technological
convergence, and the rapid evolution of the Internet have transformed
the roles that companies play in their dealings with other companies.
Business practitioners and scholars talk about alliances, networks,
and collaboration among companies. But managers and researchers have
largely ignored the agent that is most dramatically transforming the
industrial system as we know it: the consumer. In a market in which
technology-enabled consumers can now engage themselves in an active
dialogue with manufacturers – a dialogue that customers can control – companies
have to recognize that the customer is becoming a partner in creating
value. In this article, authors C.K. Prahalad and Venkatram Ramaswamy
demonstrate how the shifting role of the consumer affects the notion
of a company’s core competencies. Where previously, businesses
learned to draw on the competencies and resources of their business
partners and suppliers to compete effectively, they must now include
consumers as part of the extended enterprise, the authors say. Harnessing
those customer competencies won’t be easy. At a minimum, managers
must come to grips with four fundamental realities in co-opting customer
competence: they have to engage their customers in an active, explicit,
and ongoing dialogue; mobilize communities of customers; manage customer
diversity; and engage customers in cocreating personalized experiences.
Companies will also need to revise some of the traditional mechanisms
of the marketplace – pricing and billing systems, for instance – to
account for their customers’ new role.
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site sorts health information in many different ways; WebMD.com is particularly known for its in-depth A-to-Z guides on diseases, symptoms, medications, and other topics. Site visitors can use a Symptom Checker to investigate their own possible medical conditions, and from there are guided to information on over 30,000 pharmaceuticals. Popular topics and current news stories are featured, and there is a special focus on four high-interest areas: healthy living, health eating and diet, parenting and pregnancy, and mental health. The guides and summaries are compiled by a full-time staff comprising physicians, nurses, and medical journalists, except for certain overviews that are provided by pharmaceutical companies and other advertisers (which provide the bulk of WebMD.com’s revenues). 
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