Which aspect of ITIL 4 emphasizes co-creation of value?

The Service Value System (SVS) is a holistic framework within ITIL 4 that underscores the importance of value co-creation in service management. It demonstrates how various components and activities can work together to facilitate this value creation process for all stakeholders involved, including customers, users, service providers, and partners. The focus on co-creation of value illustrates that service management is not just about providing services but also about understanding and fulfilling the needs and expectations of all parties involved.

The Service Value Chain, while essential for mapping the various activities that contribute to value delivery, does not by itself embody the broader philosophy of value co-creation as captured in the SVS. The Engage practice specifically focuses on establishing effective relationships with stakeholders, which is a vital aspect of co-creation but is only one part of the larger SVS. The Improvement practice concentrates on enhancing services and processes, which is important but does not directly address the collaborative nature of value creation as encapsulated in the SVS concept.

Thus, the emphasis on co-creation of value is best represented in the Service Value System, where all components align to foster a culture of collaboration among stakeholders to achieve shared benefits and outcomes.