In every sector across the globe, every company was forced to adapt to the change that came with the pandemic with some companies downsizing and adopting the work from home policy. Some businesses failed while some adapted and have since offered more innovative solutions that have impacted the world.
The pandemic demonstrated the importance of innovation and this innovation was visible in the pharmaceutical industry as they joined their counterparts in the technology and software industry.
The top 10 most innovative companies extensively adopted AI as part of their innovation strategy, Alphabet proves this with innovations in Android and autonomous driving venture Waymo. Amazon has Alexa and AWS, Apple has Siri and a virtual workplace in its iOS platform, and Microsoft has evolved from solely offering software to offering AI and cloud services.
Here are the top 10 innovative companies according to BCG
Apple has become one of the most valuable brands in the world. This is largely due to its diversification strategy that has caused the company to expand into digital and subscription services beyond the iPhone. Apple also experienced large sales in its mobile devices and now they are rumoured to be producing a self-driving car.
Alphabet Inc. is the parent company of Google that gives ambitious projects the resources, freedom and focus to make their ideas happen. The company essentially separates Google’s profitable businesses, such as Google Search and YouTube from their riskier and more innovative projects. This can be seen in some of its projects like, Google Ventures and Google Capital that provides funding for bold, new companies, Fiber that focuses on providing super-fast internet for a more affordable price and many other amazing projects.
Retail giants, Amazon ranks 3rd on this list. The company benefited greatly from the pandemic due to the surge in demand as more consumers turned online following the closure of stores globally. Amazon is also innovating through its AI-powered bot Alexa.
Microsoft has evolved from solely offering software to offering AI and cloud services. The company has focused largely on products by making them accessible to over one billion people around the world who may require additional assistance due to being physically challenged. One of these is the Xbox Adaptive Controller, which is designed for gamers with limited mobility. The company has also championed other innovative products like the Microsoft mesh that is changing the concept of remote work.
Tesla is a leading force in the automotive industry through its electric vehicles. The company engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. Tesla deploys artificial intelligence (AI) in its innovation strategy. Their electric cars have consistently defied consumer expectations for reliability, performance, and style.
Samsung is a multi-faceted and innovative company that is leading the field in screen technology, batteries, chip design, and mobile devices. The company has shown strong capabilities in growing existing solutions and taking them to market through the high sale of its consumer devices.
IBM has moved from its old business model of making and selling computer hardware to offering cloud computing services and data analytics. The company specializes in cloud-based artificial intelligence technologies that are available to developers and organizations seeking to incorporate those tools, which include natural language processing and cognitive computing, into their products. Since the creation of IBM Watson became commercially available, the technology has been applied to everything from cancer research, where Watson is used to sort through and decipher millions of medical journals, to retail, where Watson is being used to help shoppers locate exactly what they’re shopping for or similar items.
Huawei is the world’s largest supplier of telecommunications equipment. In a bid to be innovative, the company has created innovation in 5G applications and has also established 5G joint innovation centres together with carriers worldwide. Huawei also experienced massive sales of its phones. In the global fight against COVID-19, Huawei launched the Anti-COVID-19 Partner Program that focuses on AI, remote office, smart healthcare and online education, to support the fight against the pandemic.
Japan’s tech giant, Sony is a leader in camera technology and has shown great success in its camera and gaming products by successfully taking on Canon and Nikon with cameras aimed at professionals and serious amateurs.
Big pharma company, Pfizer became the first company to market an effective COVID-19 vaccine and also deliver a COVID-19 vaccine in record time, getting FDA Emergency Use Authorization (EUA) and distributing millions of doses less than a year after the genetic sequence of COVID-19 was first obtained.