4% of executives have not defined innovation as a strategic priority

McKinsey Global Survey (2010)

In 2010, the McKinsey Global Survey revealed that only 4% of executives had not defined innovation as a strategic priority and had no plans to do so in the future. This finding highlights the importance that businesses place on innovation. In a constantly changing marketplace, companies must be able to adapt and find new ways to remain competitive. For many businesses, innovation is the key to success. By definition, innovation is the process of introducing something new into the market. This can be a new product, a new service, a new technology, or a new way of doing business. In order to be successful, businesses must continually strive to find new and better ways to meet the needs of their customers. Innovation is essential for businesses that want to stay ahead of the curve and remain competitive in today's marketplace.