Co-Creation with Stakeholders: The Key to Enhancing Sustainable Value

Shridhar M. Samant, Shirish Sangle and Sonal Daulatkar
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Shridhar M. Samant: National Institute of Industrial Engineering, Mumbai, India
Shirish Sangle: National Institute of Industrial Engineering, Mumbai, India
Sonal Daulatkar: National Institute of Industrial Engineering, Mumbai, India

International Journal of Social Ecology and Sustainable Development (IJSESD), 2016, vol. 7, issue 3, 34-46

Abstract: Creating value is the most imperative motive of an organization. To address the future sustainability challenges, organizations need to create value in a way which takes care of not only the environmental and social needs of the growing population but also the economic ones. Sustainable Value (SV) creation is the key for addressing such needs, and it can be enhanced by stakeholder engagement affected through a range of dialogues. This paper presents a 4x4 grid as a prescriptive tool for practising managers. By assessing the organization's current level of engagement and corresponding level of stakeholders' value obtained, managers can choose the more enabling dialogue to attain progressive levels of SV achieved by implementing the four sustainability strategies. However, to maximize the possible benefits of co-creation with stakeholders and to simultaneously minimize the risks, managers need to choose the projects carefully and cautiously. Theoretically, this paper serves as a base for encouraging further research on co-creating enhanced SV.

Date: 2016
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