Applied Marketing Science Introduces REALYST Tool for Idea Evaluation

AMS has introduced REALYST™, a 3-step process that enables innovation teams to identify with confidence the most promising ideas for further testing and development. The REALYST methodology helps users reliably evaluate hundreds of ideas using a "Truth Serum" scoring formula developed by MIT professor Dražen Prelec. This methodology considers not only how highly an individual values an idea, but also how well that individual predicts how others will value the idea. "By assigning more weight to those who understand how others think," says company president Bob Klein, who was instrumental in REALYST's development, "REALYST can identify the best ideas to pursue, even when the consensus is wrong."

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REALYST can identify the best ideas to pursue, even when the consensus is wrong.

Waltham, MA (PRWEB) February 16, 2009

AMS has introduced REALYST™, a 3-step process that enables innovation teams to identify with confidence the most promising ideas for further testing and development. The REALYST methodology helps users reliably evaluate hundreds of ideas using a "Truth Serum" scoring formula developed by MIT professor Dražen Prelec. This methodology considers not only how highly an individual values an idea, but also how well that individual predicts how others will value the idea.

"By assigning more weight to those who understand how others think," says company president Bob Klein, who was instrumental in REALYST's development, "REALYST can identify the best ideas to pursue, even when the consensus is wrong."

REALYST can be applied to ideas generated during an AMS IDEALYST® brainstorming exercise, or by any other idea generation methods already in place, such as a suggestion box, traditional brainstorming session, an innovation submissions database, or product feedback forms.
REALYST relies on empirically-proven best practices to identify the best ideas, offering a number of key advantages:

  • Provides a rigorous and repeatable process: While other approaches, such as inventor ratings, or simple voting are unsubstantiated by research, REALYST is based on empirical evidence.
  • Removes politics from the evaluation process: AMS will objectively recommend the best evaluation team, scoring methodology and Truth Serum criteria based on your specific goals.
  • Limits the impact of more vocal participants: By guiding the evaluation process and administering REALYST, AMS can balance the input received from all participants, regardless of how vocal they are.
  • Fosters innovative thinking: By introducing a new approach to the decision process, which requires evaluators to reverse roles and judge how others will value an idea, evaluation teams are challenged to think out of the box even during the evaluation phase.
  • Generates superior decisions: REALYST aggregates private judgments to form a collective decision that is more reliable, alleviating the potential impact of individual biases.

About Applied Marketing Science:
Applied Marketing Science is one of the leading product and process innovation consulting firms in the world, with proven methodologies for gathering the Voice of the Customer, training and coaching clients in VOC methods, and idea generation and evaluation using state-of-the-art, online tools. Over the past twenty years, we have helped hundreds of clients in a broad range of industries incorporate "best practices" into their product development processes. Founded in 1989 with roots in the MIT Sloan School, AMS offers an array of services to meet client needs, and specializes in developing customized solutions for each situation.

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