Xiaomi has moved up two spots from the previous year to be rated 29th on Boston Consulting Group’s (BCG) list of the “50 Most Innovative Companies of 2023.”
Xiaomi claims that the accreditation is an acknowledgement that the firm prioritises innovation, devotes resources and personnel to it, and tries to turn resources into outcomes.
In addition to this Xiaomi’s research and development (R&D) expenses increased by 17.7% in the first quarter of this year compared to the same period last year, totalling RMB4.1 billion. About 16,500 people worked in R&D as of March 31, 2023, which was more than 50% of Xiaomi‘s workforce. As of March 31, 2023, the company’s R&D activities have resulted in more than 32,000 patents being issued globally. Moreover, over RMB20 billion is expected to be invested in R&D overall in 2023.
In addition to embracing technical change, Xiaomi has also embraced artificial intelligence (AI). Over 1,200 people work in the AI industry, and a team based on the AI Lab Foundation Model was formally founded in April. It will keep growing user scenarios relating to AI, making the most of technological developments, and looking into collaboration prospects.
Based on a survey of more than 1000 worldwide innovation executives conducted in December 2022 and January 2023, BCG’s ranking of the Most Innovative Companies is derived. Four categories—global mindshare, industry peer opinion, industry disruption, and value creation—are used in the poll to evaluate a company’s performance.
The BCG list of the Most Innovative Companies is based on a poll of more than 1000 global innovation professionals that was performed in December 2022 and January 2023. The survey uses four criteria to assess a company’s performance: global mindshare, industry peer opinion, industry disruption, and value creation.
BCG has published an annual report on innovation every year since 2003. Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, and more companies are also on the 2023 list.
Xiaomi claims that 2023 will be crucial to the company’s continued growth. The company will keep up its unyielding pursuit of technological advancement and dedication to ensuring that everyone in the globe has access to improved technologies while putting a strong emphasis on high-quality development.
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