The Boston Consulting Group has just released its 11th annual "Most Innovative Companies" report. The research ranks the world's 50 most innovative companies based on a survey of 1,500 senior executives representing a wide range of industries in every region.
BCG noted the increasing imperative for companies to bring in innovations from outside.
“Given faster-changing markets—and the fact that even in more traditional sectors technology is becoming a key differentiator—a not-invented-here mindset can be fatal,” said BCG partner and report coauthor Andrew Taylor. “Today’s most successful innovators strike a strategic balance between internal and external innovation. They are smart and efficient at scanning for external ideas—and deft at bringing them inside.”
The BCG research finds a gap between the strongest innovators and their weaker peers in the pursuit of external ideas. Strong innovators take a more analytical approach, BCG explains, with 65% reporting they find new ideas through social network and big data mining (compared with just 14% for weak innovators).
Strong innovators are also flexible in how they bring in innovations. For example, 66% say that they find new ideas through external partnerships often or very often (versus just 22% for weak innovators).
Here is a look at the top 10 companies in this list of innovation leaders.