"The breakneck speed of today's development lifecycle has created two major, almost contradictory challenges: the flexibility to accommodate change, yet with tight project control," said Matt Light, research director at Gartner. "Collaborative enterprise requirements systems that can help resolve this conflict and scale up to support a distributed, perhaps global, development organization is a good way to reduce risk and ensure that the features needed are actually delivered"
Gartner

What is Requirements Management and why is it important?

Requirements Management is the branch of Systems and Requirements Engineering concerned with keeping track of requirements once they have been captured and documented. The key elements of this task are identifying each requirement uniquely and permanently; tracing between requirements and the designs and tests that they call into being; and defining which requirements belong in which baseline or version. In addition, requirements management involves allowing authorized people to select and present appropriate information textually and graphically.

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"To drive software relevance, quality and productivity, organizations must first establish effective requirements processes and then use tools to facilitate communication and to simplify traceability."

META Group