“Innovate or stagnate.” It’s a stark choice that businesses across all sectors must confront daily. Although many decision makers at large companies recognize the importance of innovation, most fail to implement it in a strategic, consistent, and effective way. A recent study by McKinsey & Company found that 84% of executives agreed innovation was important for their growth strategy, but only 6% said they were satisfied with innovation performance. In this article, we’ll explore why innovation management is important for any company looking to remain competitive on the corporate landscape.
