Boston Consulting Group (BCG) has released a report namely ‘Most Innovative Companies 2023: Reaching New Heights in Uncertain Times’ showcasing top 50 companies in 2023 that are most innovative in their operations. In this, Tata Group is the only Indian company to feature in this list at 20th position.
- The list has been topped by Apple Inc., and followed by Tesla Inc., and Amazon.com, Inc. at 2nd and 3rd rank.
- Notably, tech companies continue to dominate the top 50, including the top ten, International energy companies hold five spots in 2023 list amid concerns over climate change.
Assessment:
The BCG’s global survey examined several aspects of these companies, including their capacity for developing novel products and processes, venturing into new markets, and establishing fresh sources of revenue. It highlighted the benefits of innovation, showcasing how strategies such as mergers and acquisitions (M&A), portfolio planning, and technologies like AI (Artificial Intelligence) empowered companies to surpass their competitors in terms of innovation.
Table showing Top 5 most innovative Companies of 2023
| Rank | Company | Country |
|---|---|---|
| 1 | Apple Inc. | California, United States (US) |
| 2 | Tesla Inc. | Texas, US |
| 3 | Amazon.com, Inc. | Washington DC, US |
| 4 | Alphabet Inc. | California |
| 5 | Microsoft Corporation | Washington DC |
| 20 | Tata Group | Mumbai (Maharashtra), India |
Key Points:
i.Despite global economic uncertainty, innovation rose as a top corporate priority in 2023, with 79% of companies ranking it among their top three goals., while two-thirds of ready companies ranked it as top priority.
- This is up from 75% in 2022 and close to 2019’s high of 82%.
ii.The most innovative companies were generating greater financial rewards for their shareholders.
iii.The top areas of innovation emphasis are new products and exploring adjacent business models.
iv.Nearly 90% of ready companies plan to increase innovation spending.
About Innovative Companies Report by BCG:
Since 2003, BCG has published an annual innovation report identifying the world’s most innovative companies by assessing the overall state of corporate innovation.
- As per the BCG, during this period, there have been remarkable product innovations, for example, the first smartphones, the rise of Electric Vehicles (EVs), and myriad lifesaving and life-enhancing advances in health care, major developments in technology and its impact on business and operating models.
About Tata Group:
Founded in 1868 by Jamsetji Tata, it is an Indian multinational conglomerate.
It operates in various sectors including automotive, steel, Information Technology (IT), telecommunications, hospitality, consumer goods, energy, and more. Some of its notable companies include Tata Motors, Tata Consultancy Services (TCS), Tata Steel, Tata Power, Tata Communications, Tata Global Beverages, and Tata Chemicals.
- Ratan N Tata is the Chairman Emeritus of Tata Sons, Tata Industries, Tata Motors, Tata Steel and Tata Chemicals.
Recent Related News:
i.According to the report by International Renewable Energy Agency (IRENA) and Climate Policy Initiative (CPI), ‘Global landscape of renewable energy finance, 2023’, in February 2023, The developing and emerging countries, which house around 70% of the world’s population, received only 15%, or roughly US$75 billion, of global investments in renewables in 2022.
ii.According to the “2023 Global Payments Report” by global financial technology pioneer FIS, India’s e- commerce (e-com) sector is projected to grow from USD 83 billion in 2022 to USD 150 billion in 2026, as cash transactions continue to drop and Unified Payments Interface (UPI)-based transactions continue to set all-time highs.
About Boston Consulting Group (BCG):
Chief Executive Officer (CEO)– Christoph Schweizer
Headquarters– Massachusetts, United States
