Quantify Your Customer’s Unmet Needs

Quantifying customer needs is key to turning innovation from art to science. According to Eric Eskey, Senior Manager for Innovation and Digital Enterprise Strategy, the Opportunity Algorithm is a formula used to prioritize unmet customer needs by quantifying desired outcomes. By assigning a number to a desired outcome, Strategyn’s innovation management processes determine whether outcomes are being overserved or underserved by the products and services currently available. If an outcome is deemed underserved, it is a target for value creation, while an overserved outcome represents a target for cost reduction. Through careful measurement and statistical analysis, the Opportunity Algorithm can be used to rank and prioritize desired outcomes, creating opportunities for innovative market solutions. This process is a scientifically proven method for reducing the risk in innovation.