The problem is to determine what matters. It sounds nice but especially at the bigger companies which measure pretty much everything today it's one of the reasons that there is no creativity. It optimizes short-term goals (and most of the time focus on money/engagement) and discourages long-term goals or riskier approaches. IMO that's because innovative companies turn into optimized earning machines but produce little useful.
Spot on. Problem solving is relatively easy, the hard part is problem identification. As a rule of thumb, The Five Whys is a wonderfully simple (but effective) tool for problem identification.