For the third year in a row, Apple has topped the list as the world’s most innovative company. Many have questioned that they would be listed as the top spot but the report by Booz and Co., one of the most prominent management consulting firms, has Apple retaining the title for this report.
Nearly 700 executives around the world were surveyed and researched among many industries. Apple actually spent much less on research and development this past year than some of the other top competitors in the study.
“It is not how much companies spend on research and development that determines success — what really matters is how those R&D funds are invested in talent, process, and tools,” writes Booz & Company.
“Although the company’s absolute spending on R&D over the past three years has nearly doubled, to US$2.4 billion, it still spends just 2.2 percent of its sales on its innovation efforts, well below the average of 6.5 percent for the computing and electronics sector,” says Booz & Company. “And despite being one of the 2011 industry sales leaders in 2011, with $108 billion in revenue, Apple’s absolute R&D spend ranks only 16th within its industry and 53rd overall within the Global Innovation 1000.”
The Cupertino Company also ranked in the top three of the world’s most innovative companies, according to the study. Google also ranked in the top three.
The top 10 companies in this category were dominated by tech companies, which comes as little surprise.
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