iscover
Innovation can be a powerful tool for a company. Those who promote it can hone development, productivity, profitability, and image.
Getting it right means better ideas and, ultimately, better consumer offerings. Some companies do it better than others, and according to a study by FOREX.com, the top 10 performers of 2023 are:
- Samsung (9.25/10)
- Apple (9.03/10)
- IBM (8.33/10)
- Johnson & Johnson (8.23/10)
- Equal: Toyota (8.22/10)
- Equal: Amazon (8.12/10)
- Microsoft (8.12/10)
- Sony (8.07/10)
- Intel (7.85/10)
- RTX Corporation (7.58/10)
“The report’s findings underscore Samsung’s dominance in the innovation arena, with its leading number of patents reflecting a significant push in consumer electronics. This patent portfolio is not just a measure of quantity but a marker of Samsung’s potential to disrupt markets and set new industry standards,” commented Matthew Weller, head of global market commentary at FOREX.com.
“Meanwhile, Apple’s considerable investment in intangible assets and sustainability initiatives showcases a strategic approach that blends cutting-edge innovation with environmental responsibility. These efforts not only fortify Apple’s market position but also resonate with a consumer base increasingly attuned to ethical practices. Both companies exemplify how targeted investments in innovation can yield substantial market influence and drive industry trends.”
As made evident by the results, consumer electronic companies dominated innovation for 2023. According to FOREX.com, Samsung was able to snag the lead with assistance from the 8,513 new patents issued to the company in 2022. This was more than any other company on the list.
Usurpingly, artificial intelligence (AI) drove much of this innovation, with many organisations scrambling for control of the market. Research and development were major considerations for many top companies, with Apple reportedly investing $29 billion into it in 2023 alone.
Innovation should be something all companies aspire for. Thinking outside the box can help organisations stand out from the crowd – a powerful asset in the modern workforce.
For those who may be looking to improve their innovation, McKinsey listed eight key ways to help build it:
- Aspire: Do you regard innovation-led growth as critical, and have you put in place cascaded targets that reflect this?
- Choose: Do you invest in a coherent, time- and risk-balanced portfolio of initiatives, and do you devote sufficient resources to it?
- Discover: Are your business, market, and technology [research and development] efforts actionable and capable of being translated into winning value propositions?
- Evolve: Do you create new business models that provide defensible, robust, and scalable profit sources?
- Accelerate: Do you develop and launch innovations quickly and effectively?
- Scale: Do you launch innovations at the right scale in the relevant markets and segments?
- Extend: Do you create and capitalise on external networks?
- Mobilise: Are your people motivated, rewarded, and organised to innovate repeatedly?
Jack Campbell
Jack is the editor at HR Leader.
