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.
READ ALSO: Xiaomi Redmi Note12 Series Now in Kenya
BCG’s Most Innovative Companies ranking is based on a survey of more than 1,000 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.
For the third straight year, the evidence is mounting: companies that both prioritize innovation and make sure that they are ready to act are widening the gap over less capable competitors.
The leaders at these firms are consistently delivering new products, entering new markets, and establishing new revenue streams.
The laggards struggle to make headway beyond incremental improvements.