{"id":8047,"date":"2020-10-05T07:30:48","date_gmt":"2020-10-05T06:30:48","guid":{"rendered":"https:\/\/ee.yelkdev.site\/?p=8047"},"modified":"2020-10-05T07:30:48","modified_gmt":"2020-10-05T06:30:48","slug":"from-idea-to-value-a-simple-way-to-solve-a-complex-problem","status":"publish","type":"post","link":"https:\/\/www.equalexperts.com\/blog\/our-thinking\/from-idea-to-value-a-simple-way-to-solve-a-complex-problem\/","title":{"rendered":"From Idea to Value &#8211; a simple way to solve a complex problem"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Recently, I was asked to outline the Equal Experts\u2019 solution to one of the most common problems in strategy: how to optimise the time between having an idea and realising value from that idea.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This blog post is a brief introduction to the process, with each point expanded on in this video.<\/span><\/p>\n<p><iframe src=\"https:\/\/www.youtube.com\/embed\/iAs_HhlG_bc\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">The good news is that the answer is relatively simple (my talk lasts just over ten minutes) and comprises three steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">First, you make sure your idea aligns with the strategic priorities of the business. That way you know you\u2019re working towards an outcome that contributes to something meaningful and valuable.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then you place \u201cBets\u201d \u2014 acknowledging that your idea at this stage is still full of assumptions and unknowns that need to be proven out.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, measure progress by regularly taking leading, attributable metrics and sharing them with others. That way, when making decisions, evidence is your guide.<\/span><\/li>\n<\/ol>\n<p><b>Step One: Ensure your idea is aligned to the strategic priorities of the business<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The best way to ensure alignment is to run an OKR session. Once the key goals and outcomes of the organisation have been gathered, plus the measures of progress, the portfolio can be visualised as a \u201cRoadmap Radar\u201d \u2014 an example of which is below.<\/span><\/p>\n<img decoding=\"async\" class=\"aligncenter wp-image-8049 size-full\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/The-Roadmap-Radar-From-I-to-V-.jpg\" alt=\"Roadmap Radar\" width=\"960\" height=\"540\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/The-Roadmap-Radar-From-I-to-V-.jpg 960w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/The-Roadmap-Radar-From-I-to-V--300x169.jpg 300w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/The-Roadmap-Radar-From-I-to-V--768x432.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8050\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/Graphic-description-From-I-to-V.jpg\" alt=\"\" width=\"582\" height=\"33\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/Graphic-description-From-I-to-V.jpg 582w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/Graphic-description-From-I-to-V-300x17.jpg 300w\" sizes=\"(max-width: 582px) 100vw, 582px\" \/>\n<p><span style=\"font-weight: 400;\">The \u201cGoals\u201d gathered during the OKR session define the coloured sections of the Radar \u2014 typically, there are 4\u20135 of them. They are the long-lived North Star of the organisation, capturing its purpose and values. \u201cOutcomes\u201d are the strategic priorities that align to the overall Goals (the &#8220;pizza slices&#8221; of the Roadmap Radar), divided into quarterly time horizons. Lastly, there are the \u201cBets\u201d \u2014 the olives on the pizza. Each one of the \u201cblips\u201d\u2019 on the radar represents a time-bound experiment designed to explore the attributable impacts of an intervention.<\/span><\/p>\n<p><b>Step Two: What do we mean when we say \u201cPlace Bets\u201d\u2019?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The word \u201cbet\u201d encourages decision-makers to confront how much they are willing to invest in the desired outcome, in terms of people, time, budget (that could be spent elsewhere). It relies on the design of a structured experiment that creates feedback loops, validates the value of an idea, proves out assumptions, and reports on progress towards specific, leading metrics.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One question stakeholders regularly ask is: how do you decide on how \u201cbig\u201d\u2019 to go on a bet? I\u2019ve found this a useful way to guide my thinking \u2013 it\u2019s an adaptation of Constable\u2019s Curve and describes the relationship between confidence and fidelity.\u00a0<\/span><\/p>\n<img decoding=\"async\" class=\"aligncenter wp-image-8051 size-full\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-Brick-Road.png\" alt=\"Yellow Brick Road\" width=\"987\" height=\"496\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-Brick-Road.png 987w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-Brick-Road-300x151.png 300w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-Brick-Road-768x386.png 768w\" sizes=\"(max-width: 987px) 100vw, 987px\" \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8052\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-brick-road-caption-JPG.jpg\" alt=\"\" width=\"413\" height=\"21\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-brick-road-caption-JPG.jpg 413w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Yellow-brick-road-caption-JPG-300x15.jpg 300w\" sizes=\"(max-width: 413px) 100vw, 413px\" \/>\n<p><span style=\"font-weight: 400;\">Recently, a client wanted to add a new product offering to their online store, but to actually create and sell it at-scale would have meant a huge upfront investment, and therefore risk. Instead, they gathered evidence of demand by offering the customer the ability to buy the item online, with those that clicked through receiving a regretful message saying the item in question was temporarily out of stock, and instead invited to consider some alternatives (which did exist in the real world). In this way, the client was able to use evidence to improve their confidence in the idea, without risking time or money on an idea whose value was essentially unknown.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The challenge is to design experiments that sit on exactly the right spot of the Yellow Brick Road between confidence and fidelity, thereby proving \u2013 or disproving \u2013 the key assumptions without a disproportionate exposure to risk.<\/span><\/p>\n<p><b>Step 3: Structuring thinking using the Bet Canvas<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The best tool for the job of designing effective experiments is the Bet Canvas \u2014 illustrated below.<\/span><\/p>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8053\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE-Bet-recycled-pizza-boxes-graphic.jpg\" alt=\"Bet Recycled pizza boxes\" width=\"960\" height=\"540\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE-Bet-recycled-pizza-boxes-graphic.jpg 960w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE-Bet-recycled-pizza-boxes-graphic-300x169.jpg 300w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE-Bet-recycled-pizza-boxes-graphic-768x432.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8054\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-image-caption.jpg\" alt=\"\" width=\"595\" height=\"57\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-image-caption.jpg 595w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-image-caption-300x29.jpg 300w\" sizes=\"(max-width: 595px) 100vw, 595px\" \/>\n<p><span style=\"font-weight: 400;\">The Bet Canvas will typically become covered in next-best actions \u2014 but doing them all at once would make it impossible to reliably attribute cause and effect. Instead, you have to decide who will do what now, who will do what next, and who will do what later. Designating primary responsibility for each action allows everyone to know who to ask about what, at any time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That requires a last tool: the Bet dashboard.\u00a0<\/span><\/p>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8055\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE_bet-dashboard.jpg\" alt=\"Bet dashboard\" width=\"960\" height=\"540\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE_bet-dashboard.jpg 960w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE_bet-dashboard-300x169.jpg 300w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/FROM-IDEA-TO-VALUE_bet-dashboard-768x432.jpg 768w\" sizes=\"(max-width: 960px) 100vw, 960px\" \/>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-8056\" src=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-dashboard-image-caption.jpg\" alt=\"\" width=\"571\" height=\"21\" srcset=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-dashboard-image-caption.jpg 571w, https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-I-to-V-Bet-dashboard-image-caption-300x11.jpg 300w\" sizes=\"(max-width: 571px) 100vw, 571px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Each week, the person responsible for an action uses the dashboard to report back to their team (and colleagues in the winder business) on what they\u2019ve discovered. Each new thing that you learn helps define the next step \u2014 and you\u2019ll notice that the dashboard explicitly acknowledges the assumptions underpinning the experiment. The point here is to ensure your efforts are aimed at gathering enough evidence to reliably say which of your assumptions have been proven right or wrong. Once you\u2019ve emptied out the \u201cInsufficient Evidence\u201d column, you can say with confidence whether you should continue, pivot or stop.<\/span><\/p>\n<p><b>Good luck!<\/b><\/p>\n<p><span style=\"font-weight: 400;\">And there you have it \u2014 a simple process designed to help you proceed quickly and reliably from idea to value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have any comments or questions about this process, we\u2019d love to hear from you. The <\/span><a href=\"https:\/\/www.slideshare.net\/ClarencesBonfire\/from-idea-to-value-expert-talk\"><span style=\"font-weight: 400;\">slides are available here<\/span><\/a><span style=\"font-weight: 400;\">, my email address is on the final slide of my talk, and\/or you should visit our <a href=\"http:\/\/equalexperts.com\/strategic-advisory-practice\/\">website<\/a>. And best of luck!<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Video and article helping you proceed quickly and reliably from idea to value, optimising the time between having an idea and realising value from that idea\u00a0<\/p>\n","protected":false},"author":120,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[5],"tags":[144,64,145],"location":[],"class_list":["post-8047","post","type-post","status-publish","format-standard","hentry","category-our-thinking","tag-ideas-into-value","tag-strategic-advisory-practice","tag-transformation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.9 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>From Idea to Value - a simple way to solve a complex problem | Equal Experts<\/title>\n<meta name=\"description\" content=\"Video and article helping you proceed quickly and reliably from idea to value, optimising the time between having an idea and realising value from that idea\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.equalexperts.com\/blog\/our-thinking\/from-idea-to-value-a-simple-way-to-solve-a-complex-problem\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From Idea to Value - a simple way to solve a complex problem\" \/>\n<meta property=\"og:description\" content=\"Video and article helping you proceed quickly and reliably from idea to value, optimising the time between having an idea and realising value from that idea\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.equalexperts.com\/blog\/our-thinking\/from-idea-to-value-a-simple-way-to-solve-a-complex-problem\/\" \/>\n<meta property=\"og:site_name\" content=\"Equal Experts\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-05T06:30:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.equalexperts.com\/wp-content\/uploads\/2020\/10\/From-Idea-to-Value-FB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"David Cox\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"From Idea to Value - a simple way to solve a complex problem\" \/>\n<meta name=\"twitter:description\" content=\"Video and article helping you proceed quickly and reliably from idea to value, optimising the time between having an idea and realising value from that idea\u00a0\" \/>\n<meta name=\"twitter:creator\" content=\"@EqualExperts\" \/>\n<meta name=\"twitter:site\" content=\"@EqualExperts\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"David Cox\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.equalexperts.com\/blog\/our-thinking\/from-idea-to-value-a-simple-way-to-solve-a-complex-problem\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.equalexperts.com\/blog\/our-thinking\/from-idea-to-value-a-simple-way-to-solve-a-complex-problem\/\"},\"author\":{\"name\":\"David Cox\",\"@id\":\"https:\/\/www.equalexperts.com\/#\/schema\/person\/06dca6f8cf3b733218e6e4d0a686f41f\"},\"headline\":\"From Idea to Value &#8211; 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