TECH firms are still tops when it comes to innovation according to Boston Consulting Group’s 2013 “Most Innovative Companies” list. According to the Wall Street Journal published report, Apple Inc. held the No. 1 spot for the ninth consecutive year followed by Samsung Electronics Co. and Google Inc.
But auto makers are shifting into high gear. The current report includes 14 automotive companies in the top 50 and nine in the top 20. Back in 2010, there were just eight automotive firms in the mix.
Staring down tighter fuel efficiency standards, grappling with regular safety concerns and catering to discerning drivers, car makers have doubled down on innovation of late.
Toyota Motor Corporation is the only automotive company in the top five most innovative companies, according to the BCG report.
Meanwhile, Intel Corp.INTC, Dell Inc. and Royal Philips fell by at least 11 spots.
The results are determined in part by a survey of 1500 senior executives who are asked to name the most innovative companies outside their industry, weighed alongside three-year shareholder returns, revenue growth and margin gains.
“The bar is continuing to rise for what it means to be a world-class innovator,” says Andrew Taylor, a BCG partner who works on innovation strategy. Innovation is no longer the buzzword of tech firms but companies in all industries must be on top of their creative game to compete, he says.
Companies talk plenty about the importance of innovation in maintaining a competitive edge in the marketplace, citing the value of new-product development, strategic planning and a committed leadership team.
About one-quarter of survey respondents say they see innovation as the top priority, and another 53 percent say it’s in the top three.
But measuring innovation remains difficult, and BCG doesn’t ask survey respondents to explain exactly how they’re defining it.
“There really is no one size fits all,” Taylor said, adding that one company in a given industry could focus on one or two blockbuster product innovations a year, while another in the same sector may opt for more incremental innovations, but both could be wildly successful.
Here’s a look at the top 20 most innovative companies:
Apple
Samsung
Microsoft
Toyota
IBM
Amazon
Ford
BMW
General Electric
Sony
General Motors
Volkswagen
Coca-Cola
ewlett-Packard
Hyundai
Honda
Audi
Daimler
