From Business Insider
Here is a feature of most innovative companies and what set them apart. No 1 is Apple, No 2 is Samsung. Samsung dislodged Google from No 2 position. Some car companies are in the top 50 like Toyota, BMW and VW and GM.
There is much innovation in car and automotive industry, considered to be laid back and staid because of stiff requirements on fuel economy, safety, and competitive scene. If you do not improve the car styling or performance, then your sales suffer.
Here are reasons why some companies are more competitive than others:
- Their top management is committed to innovation as a competitive advantage: Nine of ten strong innovators say leadership is committed to innovation, compared with less than half that at weak innovators.
- They leverage their intellectual property: Instead of viewing the protection of IP rights as a defensive strategy, top innovators see it as a way to establish a competitive advantage.
- They manage a portfolio of innovative initiatives: Strong innovators define their project goals clearly, and they “have processes in place to stop projects when their promise wanes,” the report says.
- They have a strong customer focus: More than 70% of strong innovators say that the views of key customers play a role in choosing which ideas to develop, compared with 42% of weak innovators.
- They insist on strong processes, which lead to strong performance: Top innovators are far more likely to have standardised processes to review projects and make decisions. As a result more of the top innovators’ projects are finished on time.
