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Now more than ever, companies must focus on innovation. In this interview, Accenture Chairman and CEO Joe W. Forehand explains why.

Q.

Innovation is always important in business, but haven't a lot of companies been putting it on the back burner over the past year in order to focus on retrenching and belt-tightening?

A.

Without question, responding to the recent economic challenges has been on the minds of senior executives. And a lot of that response has focused on getting back to business basics and running the business more efficiently. Yet, as companies manage through these difficult times, it's equally important for executives to stay focused on the …