4 inspiring ways the most innovative organisations use co-creation -

A recent survey by Innovation Leader has found that firms including Hitachi Europe and Johnson & Johnson are achieving great benefits through collaboration and co-creation practices. More and more companies are teaming up with suppliers, distributors and franchisees, with 61% currently engaging in co-creation efforts. In addition, direct collaborations with customers and end-users is proving successful, with 58% of top global companies adopting this strategy. 45% are collaborating with start-ups. Hitachi Europe's Greg Kinsey explains the desire from customers for shared engagement and outcome ownership of projects. The report from Hitachi also stated that 51% of companies found that co-creation had improved their financial performance. A focus on co-creation can lead to successful and innovative initiatives, ranging from supporting people with learning disabilities by helping them to express their needs and wants to developing better renewable energy. Co-creation can also provide an opportunity to understand end-consumer preferences and reduce costs, as consumers are often looking for interaction and active involvement in the product-creation process. Lastly, collaborations between businesses pave the way for co-creation with start-ups, offering access to untapped talent and innovative ideas.