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"Urbanization can launch a process of value creation," said Xiang Songzuo, chief economist with the Agricultural Bank of China and a deputy director of the International Monetary Institute at Renmin University.
This conception shifts the focus from the output to a process of value creation, in which service is exchanged for the benefit of others and oneself (Vargo et al. 2008, p. 148).
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With regards to the second criterion, Costa is the unique company belonging to the tourism sector that adhered to the Italian pivotal group of firms involved within the IIRC and NIBR group in implementing an integrated report aimed at disclosing in a transparent and consistent way its process of value creation centered on sustainability and responsible management.
Thus it is a process of value co-creation.
The process of value creation was traditionally driven almost exclusively within the firm.
Furthermore, many customers seek opportunities to experience the process of value creation or co-creation with the producer.
Value adding concepts from the forward- and reverse supply chain may leverage the process of value creation.
Digitization radically changes the very nature of products, the process of value creation and, above all, firms' competitive environment.
In the competitive environment, Liu et al. [27] p.860) suggest that diversified logistics service offerings are required to support the process of value creation.
Fixed product design dissolved in favor of a layered modular architecture (i.e. contents, service, network, and device layer) and the process of value creation changed fundamentally from linear-oriented sequential value chains to complex value networks.
However, CSR and Sustainability are now being integrated into the company DNA, i.e., in the core processes of value creation, innovation management and organisational development.
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CEO of Professional Science Editing for Scientists @ prosciediting.com