This is a very nice article. And indeed, the iiSM definition of value is quite handy.
In my own articles, I often refer to the idea that customers sometimes know what they want but very often not what they need. Sometimes they don't know the one or the other. And that's where approaches without regular feedback loops fail.
Of course the customer is not the only reason why that approach often falls short. Uncertainty can affect many areas in the value creation cycle.