The Boston Consulting Group (BCG) has rated Xiaomi 29th on its “50 Most Innovative Companies of 2023” list, up two spots from last year.
The accreditation acknowledges that Xiaomi prioritizes innovation, devotes effort and people to it, and tries to turn investment into outcomes. Xiaomi’s research and development (R&D) spending climbed by 17.7% year on year in the first quarter of this year, hitting RMB 4.1 billion (RM 2.67 billion). As of March 31, 2023, the number of R&D professionals had reached around 16,500, accounting for more over half of Xiaomi’s workforce. As of March 31, 2023, Xiaomi’s R&D activities had resulted in more than 32,000 patents globally. Total R&D spending is estimated to surpass RMB 20 billion (about RM 13.03 billion) in 2023.
The corporation has embraced technological development, particularly Artificial Intelligence (AI). It formally launched an AI Lab Foundation Model team in April and has around 1,200 AI-related workers. The firm will continue to extend AI-related user scenarios, capitalize on technological breakthroughs, and explore opportunities with possible partners.
BCG’s Most Innovative Companies list is based on a survey of over 1000 worldwide innovation professionals conducted in December 2022 and January 2023. The poll evaluates a company’s success in four areas: global mindshare, industry peer perspective, industry disruption, and value generation.
Since 2003, BCG has issued its yearly innovation report. Amazon, Alphabet, Microsoft, Siemens, Pfizer, SpaceX, Nike, IBM, and others are also on the 2023 list.
Xiaomi sees 2023 as a critical year for furthering its growth. The firm will continue to pursue its new business strategy with a focus on high-quality development, based on its persistent pursuit of technical improvement and its purpose to make everyone in the world live a better life via creative technology.