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Tata Group only Indian firm in BCG list of top 50 most innovative firms

Tata Group was placed in the twentieth spot in the list of most innovative companies in the world

BCG carves out a new unit for its digital transformation capabilities

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BS Web Team New Delhi

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Boston Consulting Group (BCG) has released a report of the top 50 companies in 2023 that are most innovative in their operations. The report looks into various aspects of these companies including their ability to develop new products, and processes, enter into new markets, establish new revenue streams etc.

Tata Group is the only Indian company to feature in the Top 50 list.

The report highlights the pessimism during the 2009 downturn in the global economy when only 58 per cent of the companies were planning to spend more on innovation. Given the situation, 15 per cent of the companies had decided to cut down their expenses on innovation.
However, the BCG report notes a change in the outlook and informs that 79 per cent of the companies see innovation as their top three priorities.

BCG highlighted that the most innovative companies were generating greater financial rewards for their shareholders. A global survey conducted by the BCG highlighted the benefits of innovation and how measures such as Mergers and acquisitions (M&A), portfolio planning, and technology like AI were helping companies to innovate past their competition.

The Most Innovative Companies of 2023

1-10 Apple  Tesla Amazon Alphabet Microsoft Moderna Samsung Huawei BYD Company Siemens
11-20 Pfizer J&J SpaceX Nvidiia ExxonMobil Meta Nike IBM 3M Tata Group
21-30 Roche Oracle BioNTech Shell Schneider P&G Nestle General Electric Xiaomi Honeywell
31-40 Sony Sinopec Hitachi McDonald's Merck ByteDance Bosch  Dell Glencore Stripe
41-50 Saudi Aramco Coca-Cola Mercedes Benz Group Alibaba Walmart PetroChina NTT Lenovo BMW Unilever
(This table is part of the BCG report)

The report said that these companies use a varied range of strategic tools to gain an edge over their competition. They are decisively aggressive in their use of M&A, targeting innovative technologies or processes, or acquiring leaders and employees.

Boston Consulting Group is an American global management consulting firm. It is placed among the big three consulting firms of the wolrd. The other two being McKinsey & Company and Bain & Company.

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First Published: May 23 2023 | 5:03 PM IST

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