Xiaomi Moves Up on Boston Consulting’s 50 Most Innovative Companies List
Boston Consulting Group (BCG) has
ranked Xiaomi 29th on its “50 Most Innovative Companies of
2023” list, two places higher than last year.
The designation is recognition that
Xiaomi makes innovation a priority, commits investment and talent to it, and
works to transform investment into results. In this year's first quarter,
Xiaomi's research and development (R&D) expenses increased by 17.7%
compared to the year before, reaching RMB4.1 billion. As of March 31, 2023, the
number of R&D personnel reached approximately 16,500, which was more than
50% of Xiaomi's employees. Xiaomi's R&D efforts have yielded the company
more than 32,000 patents worldwide as of March 31, 2023. Total R&D
investment for 2023 is expected to exceed RMB20 billion.
The company has embraced technological
transformation, including Artificial Intelligence (AI). It officially
established an AI Lab Foundation Model team in April and has more than 1,200
AI-related employees. The company will continue to expand AI-related user
scenarios, maximize advances in technology, and explore opportunities with
potential partners.
BCG’s Most Innovative Companies ranking
is based on a survey of more than 1000 global innovation executives who were
polled in December 2022 and January 2023. The survey assesses a company’s
performance in four categories: global mindshare, industry peer view, industry
disruption, and value creation.
BCG has published its annual innovation
report since 2003. Other companies on the 2023 list include Amazon, Alphabet,
Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, etc.
Xiaomi identifies 2023 as the crucial year
for accelerating Xiaomi's growth. The company will 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.
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