One of the largest conglomerates in India, Tata Group, has been ranked 20th among the world’s 50 most innovative companies by Boston Consulting Group (BCG). The list of the BCG Most Innovative Companies 2023, which was revealed on May 24, 2023, only included The Tatas as an Indian company.
Companies are ranked on the BCG’s list based on their superior performance, higher resilience to shocks and disruptions, and the ability to capitalise on innovation faster for value-creating growth, among others. Other important criteria include a culture that fosters innovation as well as human and technological capabilities (including artificial intelligence (AI)).
Apple, Tesla, Amazon, Alphabet, Microsoft, Moderna, Samsung, Huawei, BYD, and Siemens ranked first through ten on the list (in the same order).
According to Boston Consulting Group, the list looks at what innovation-ready leaders are doing to gain an advantage over rivals, how innovation is boosting their resilience to economic instability, and how innovation is motivating their goal of reduced emissions. Leaders who are “ready to develop product, process, and business model innovation” are individuals who are described as being innovation-ready.
Tata Group’s “Greennovation-Make Tomorrow Green” initiative aims to implement a number of innovations to enable net-zero emissions by 2045. According to the company, this will pave the way for a “circular economy through sharing, reusing, and recycling, and preserve and restore nature and biodiversity.”
The BCG report placed particular emphasis on the growing importance of AI for important business sectors, closely examining how early winners are realising the potential of AI. It explored the crucial part that AI-related practices play in the current innovation environment.
Furthermore, it examined how the development of novel products and the investigation of related business strategies are increasingly important to innovation. The cost was discovered to be an important consideration and one of the main drivers of innovation for 62% of organisations.
As per the makers of the report, a common trait that links the winners in this year’s BCG list is their consistent outperformance of the broader market.
