- An emphasis on speed, well-run and lean Research & Development (R&D) processes, use of technological platforms, and systematic exploration of adjacent markets are the four attributes senior execs say are essential for creating and growing strong innovation expertise.
- Manufacturing companies are setting the pace for the four most important attributes to creating strong innovation within enterprises today. Tesla’s meteoric rise from 41rst in 2013 to 3rd this year, a 38 position increase, exemplifies the success manufacturers can attain in innovation.
- Biotech manufacturers Gilead Sciences and Biogen debuted at a relatively high level of the 50 most innovative companies list this year, further validation of manufacturer’s potential to deliver strong innovation. Gilead Sciences debuted at the 8th position and Biogen, 17th. Considering the methodology that Boston Consulting Group (BCG) relied on to complete this years’ analysis, attaining that high of a ranking in the first year is exceptional.
- Tata Motors debuted at 26th on the list, further illustrating how manufacturing is a catalyst for global innovation. The manufacturer was able to increase revenue 23.3% from 2013 to 2014 while increasing R&D spending 10.6%.
These and many other findings are from the latest analysis of the world’s most innovative companies of 2015 published yesterday by Boston Consulting Group (BCG). The Boston Consulting Group’s study, The Most Innovative Companies 2015: Four Factors That Differentiate Leaders is accessible here. You can download the PDF of the study methodology and results here (free, no opt-in, 26 pp.). BCG has been publishing this study since 2005, basing it on interviews with 1,500 senior executives globally. Please see the report for a complete description of the methodology.
Key takeaways from the study include the following:
- Apple and Google continue to dominate, yet Tesla has seen one of the greatest increases in ranking by a manufacturer between 2013 and today. Please see the graphic below for the 50 most innovative companies of 2015:
- Of all innovation catalysts, senior execs predict technology platforms will have the greatest impact over the next three to five years. The following graphic provides an analysis of the areas where innovation and product development will have the most impact on respondents’ industries over the next three to five years.
- Nearly 80% of senior execs rate innovation as either the top-most priority or a top-three priority for their company. The following graphic compares where innovation and product development tank among respondent company’s top strategic priorities over the last ten years.