BCG-2020年最具创新力的50强企业（英文）-2020.7-22页_1mb

2020 Most Innovative Companies Summary

Core Content

This report, The Most Innovative Companies 2020, explores the evolution and practices of the world's most innovative companies. It emphasizes the importance of serial innovation—the ability to consistently innovate and adapt over time. The report highlights that while innovation is a top-three priority for most companies, the gap between committed innovators and others is significant. It also underscores that size is no longer a disadvantage for innovation and that large companies can outperform smaller ones when they have the right systems and strategies in place.

Main Themes

1. Serial Innovation is the New Imperative

• Serial innovation is critical for long-term success, especially in a rapidly changing business environment.
• The report notes that only 8 companies (Alphabet, Amazon, Apple, HP, IBM, Microsoft, Samsung, and Toyota) have consistently made the top 50 list since 2005.
• Companies that double down on innovation during downturns tend to outperform over the long term.

2. Committed Innovators Outperform Others

• Committed innovators (45% of companies) treat innovation as a strategic priority and invest accordingly.
• Skeptical innovators (30%) do not prioritize innovation or invest in it.
• Confused innovators (25%) show a mismatch between their strategic goals and innovation spending.
• Committed innovators are more likely to achieve rising sales from new products and services, with 60% reporting such success compared to 30% of skeptics and 47% of confused innovators.
• The financial and pharmaceutical sectors have the highest proportion of committed innovators (56%), while industrial goods and wholesale and retail sectors have the lowest (37% and 32%, respectively).

3. Innovation is Becoming a Cross-Industry Capability

• Companies are increasingly breaking industry boundaries to innovate, such as Amazon in healthcare or Alibaba in financial services.
• This trend is especially evident in software and services, automotive, industrial goods, and chemicals industries.
• Successful self-disruptors earn an annual TSR premium of 2.7 percentage points over companies focused solely on defending their core businesses.

4. Big Companies Are Making a Comeback in Innovation

• Conventional wisdom once suggested that small companies are more agile and better at innovation.
• However, the report shows that large companies are not only keeping up but outperforming in many cases.
• Large companies can fund innovation more effectively due to their cash flow capabilities.
• The most successful large innovators invest 1.4 times more in innovation as a percentage of sales and achieve 4 times the output compared to others.

5. Designing a Winning Innovation System

• The report identifies five key elements that differentiate innovation leaders from laggards:
  • Talent: Innovation teams are diverse and composed of product managers, engineers, and designers.
  • Ambition: Leaders align innovation goals with corporate strategy and communicate them effectively.
  • Governance: A clear steering system with defined roles and success metrics ensures alignment and efficiency.
  • Funnel Management: Leaders manage their innovation funnel with a broader scope and better decision-making processes.
  • Project Management: Teams are empowered and operate with a high degree of autonomy, supported by strong governance and performance incentives.

Key Findings

• Only 12% of companies have made the top 50 list more than 10 times, showing the difficulty of serial innovation.
• Committed innovators are more likely to succeed, with 60% generating a rising proportion of sales from new offerings.
• Large companies that overcome common barriers (e.g., resource allocation and strategic alignment) can achieve better innovation results.
• Innovation systems are crucial, and even small improvements in these systems can yield significant returns.
• Business model innovation is a growing focus, especially for leaders, and can provide a competitive edge.

Appendix

• The report includes a list of the 50 most innovative companies in 2020.
• Exhibit 8 highlights that only 20 companies (12%) have made the list more than 10 times, emphasizing the challenge of maintaining innovation success over time.

Conclusion

• Innovation success is not just about having the right ideas but about building and maintaining a robust innovation system.
• The report concludes that large companies are increasingly capable of innovation and that serial innovation is essential in today's dynamic environment.
• Leadership, strategic clarity, and systematic approaches are key to achieving and sustaining innovation success.