Which Companies Are the Most Innovative? (infographic)

One aspect of the modern world that has become firmly entrenched is that companies need to innovate a lot more than they used to, and a big part of the reason why that is the case has to do with the fact that there is a lot more competition in the market which leads to it being difficult for a company to remain relevant and hold on to its customer base if it doesn’t keep up with the times and potentially even explore new ground in order to keep its customers interested in what it has to offer.

Not that long ago, the average life expectancy for a business that managed to reach the top 500 companies that were traded on the stock market was about sixty years, but now it has dropped drastically to just eighteen years. This is the sort of thing that indicates how cutthroat the world of business is, and in order to fully understand which companies are succeeding and how you need to look at a list of the most innovative companies that are operational right now. Checking out how the companies at the very top operate will give one a good idea of what kinds of innovation work best.

According to the Boston Consulting Group, taking a variety of factors into account such as industry peer review and value creation, the most innovative company so far in 2020 is Apple. Apple has actually moved up a couple of spots and has knocked down Alphabet, Google’s parent company, which used to have the top spot last year. Amazon comes in at third, and you can already notice a pattern that says that the most innovative companies are tech companies which is just one example of why the tech industry is booming so much right now.

Not all tech companies are doing quite as well as each other, though. Facebook is in the top ten most innovative but just barely, and it trails behind the likes of Apple, Amazon, Alphabet and Microsoft making it the least innovative by far of the Big Five tech companies in the world right now. Four of the companies in the top ten are from East Asia, namely China, Korea and Japan. These companies are Sony from Japan and Samsung from Korea, both of which are quite well known in Western markets. Alibaba and Huawei, both Chinese companies, have seen a pretty meteoric rise, with Alibaba jumping up 16 places to 7th place and Huawei jumping up 42 places to 6th place indicating that Asian companies are fast catching up something that can also be seen with the popularity of Facebook and Instagram being supplanted by TikTok.

Another thing to note is that not all innovation happens in the tech industry. You might not think that Walmart is particularly innovative but the fact of the matter is that its focus on eCommerce has really changed the game and allowed it to jump 29 spots to 13th place this year.

H/T: VisualCapitalist.

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