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Xiaomi increases investment in innovation, moves up on BCG Most Innovative list
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uccessful companies have the same ingredients to keep thriving. Among them is the ability to adapt and innovate. Innovation is how companies protect themselves in the face to economic uncertainty.
Boston Consulting Group (BCG) identifies the most innovative companies by using the same formula every year. Those that consistently launch new products, enter new markets, and establish new revenue streams are companies that deserve to be featured in their annual Most Innovation Companies report. This year, Xiaomi not only made the cut, but moved up on the list.
BCG has ranked Xiaomi 29th on its 50 Most Innovative Companies of 2023 list, two places higher than last year. Based on the data released by the technology company, they have rightfully earned that spot. Xiaomi's research and development efforts have yielded the company more than 32,000 patents worldwide as of March 31 of this year.
The company does this by putting innovation at the helm of everything it does. By making it a priority, they are able to commit investment and talent to it, and they turn their investment into successful results.
In this year's first quarter, Xiaomi's R&D expenses increased by 17.7 percent compared to the year before, reaching almost US$580 million. As of March 31, 2023, the number of R&D personnel was approximately 16,500, more than 50 percent of the company’s total employees. Moreover, the total R&D investment for 2023 is expected to exceed US$2.8 billion.
While most companies tend to shy away from new technology, Xiaomi embraces it with open arms. It officially established an AI Lab Foundation Model team in April and has more than 1,200 AI-related employees. The company has also earned its place as one of the world’s leading companies on the AIoT platform, with 618 million smart devices connected to its platform as of March 2023. Xiaomi’s future plans include a continuation to expand AI-related user scenarios, to maximize advances in technology and explore opportunities with potential partners.
Moving two places higher on BCG’s list, 2023 has been identified as a crucial year for the company, further motivating it to accelerate growth. The company promises to “remain resolute in advancing its new business strategy with a focus on high-quality development anchored on its relentless pursuit of technological advancement and its mission to let everyone in the world enjoy a better life through innovative technology”, as stated on its website as it delivers the joyous news.
BCG has been famous as one of “The Big 3”, which is a name given to the three largest strategy consulting firms by revenue. BCG’s Most Innovative Companies ranking is based on a survey of more than 1,000 global innovation executives who were polled in December 2022 and January 2023.
The consulting firm has been publishing the list annually since 2003, including the world’s biggest companies such as Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike and more.
