Boston’s Company Group recently released the annual report on the most innovative companies based on a survey conducted by 15000 executives who represent an array of various types of industries. In the list, a few of the companies retained their position while many others were removed.
The companies that retained their position include Apple, Tesla and Google while the Tata Group slipped from the list. Tata Group had stayed on the list for two years and it was the only Indian entity on the list.
“Long-standing tech giants hold down the top places once again, new digital disruptors such as Uber and Airbnb have joined the list, and the expanding role of digital innovation is readily apparent in the presence of some traditional manufacturers and process-driven companies such as General Electric and Diamler”, the report stated.
“Given faster-changing markets – and the fact that even in the more traditional sector’s technology is becoming a key differentiator – a not-invented-here mindset can be fatal…today’s most successful innovators strike a strategic balance between internal and external innovation. They are smart and efficient at scanning for external ideas – and deft at bringing them inside”, Andrew Taylor, BCG partner and report co-author said.
Among the top ten most innovative companies as per the report of the BCG, Apple stands at the first number.
Top 5 most Innovative Companies in 2016 –
Apple made it to the list for the 11th time in a row. Apple comes up with new products each year like Apple watch, Airpods etc, that has greatly helped it retain its position in the list. However, the revenue charts of the company have shown a downward shift as its sales declined greatly. Tim Cook’s salary has also been cut down 15 percent. It had spent $10 billion on R&D last year.
Google spends $13 billion on its research and development each year which has definitely helped it fetch the second position in the list of the most innovative companies of 2016.
The electronic car manufacturing company Tesla increased its production by 64 percent in 2016. The CEO and founder of Tesla, Elon Musk had said in a statement – “I’m interested in things that change the world or that affect the future and wondrous, the new technology where you see it, and you’re like, ‘Wow, how did that even happen? How is that possible?'”
Since Satya Nadella took over the reins of Microsoft in 2014, Microsoft progressed by leaps and bounds. The products like Microsoft Edge, AR/VR headsets, Surface dial and Surface studio led it to bag fourth position in the list.
It has been said that the company focuses mainly on improving the customer experience, develop new business models and drive operational effectiveness.
Netflix, Samsung, Toyota, Facebook and IBM occupy the next five positions in the list of the top 10 most innovative companies in 2016 respectively.