Companies can monetize data internally to optimize operations and client services. They can also leverage that data across various client use cases.

Accelerating compression of both revenues and profits may rapidly prove fatal to traditional businesses. Consider the accelerating decline of voice calls as a means of communicating via mobile telephone: From 2013 to 2015, average mobile voice revenue per user declined globally by 19%, and a further decline of 26% is expected through 2020. To stave off disaster, incumbents must transform and renew their core operations — while also growing into new businesses and industries.

Generating good innovation proposals from within the ranks of the organization is only the beginning. The more difficult part is creating a selection process that identifies which ideas to implement.