Research Aim: To keep up with the ever-evolving business world and its needs, companies need to stay up to date to make sure that they bring in new methods, products and ways to manage their company and take it forward successfully. This research will talk about how businesses should consider innovation management and how they should incorporate the same in their way of doing business. Not only will businesses gain from innovating their products or processes, but they will also understand how successful it can be for the business once it is effectively implemented. Thus, the main aim of this research will be to help businesses understand the importance of innovation and talk about how innovation has helped many reputed names in the corporate world.