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Leading the way: Philips’ ranked as one of world’s most innovative companies  



To be recognized as one of the world’s most innovative companies is a proud moment but when that honor comes from one’s peers, it’s even more significant.


Which is why Philips is thrilled to be named by the influential Boston Consulting Group as the 29th most innovative company in the world. The prestigious organization asked 1,500 of senior-level executives who should make its annual Top 50, and also looked at our financial performance - shareholder returns, revenue growth, and margin growth over the past three years – and this year Philips’ extraordinary achievements have seen us leap 20 places.

It’s a reward not just for the past year, during which the company has been making all the right headlines for its innovations, but also for building upon our more than 120-year heritage of ground-breaking products. That journey led us to reposition the brand last year with the launch of ‘innovation and you’ – a simple message that encapsulates our philosophy of developing products that improve people’s lives.


Our innovations begin and end with the customer, in that we search for solutions to problems that sometimes they don’t even realize exist – or that they believe can’t be solved. We listen to them to understand their concerns, work with them to perfect the solutions and then use design, technology and data responsibly to ensure our products become even more meaningful on a personal level.


I believe that is why Philips has leapt above so many of our competitors in the BCG ranking – the deep insights and skills from innovation and technology that we possess as a company are entirely focused on the customers’ needs. Whether that is a city-wide lighting system that maximizes safety and minimizes municipal costs, or a connected air purifier that is controlled by a smart phone, or a portable Ultrasound device that greatly expands the access to care, that customer-first rationale is what makes us unique.


The elevated BCG ranking is also testament to how our highly skilled businesses, working to exacting standards and meeting increasingly demanding needs from our customers, fulfil those aims. Plus, it’s the reward for a successful repositioning which means Philips now has a clearer mission and vision. With ‘innovation and you’, people – whether a high-ranking executive or a loyal customer – know what we stand for. That we think more aggressively about innovation, use technology, data and algorithms to increase the efficacy of our products, partner with third parties to bring products to market faster, and scale them rapidly.


Speed is vital because Philips is creating solutions to the most vital problems of our time and of future generations – innovations to make our cities more vibrant, that allow us to control our own well-being and meet the needs of aging populations, and that will protect the planet’s precious resources.

These are the challenges that will see Philips, which has 165,000 granted patents, improve the lives of three billion people a year by 2025. In 2013 alone, we transformed the lives of 1.8 billion and we expect that number to rise this year.


These sorts of pledges mean we have to be at the top of our game. And we are. Now we have to build on that and develop our capacity for breakthrough innovations. That is the challenge – and the opportunity.


So we need to cast our net wider for fresh ideas that will enhance society. We need to bring innovations to market quickly and ensure every customer knows about our products and that we communicate and connect with them. We need to perform with speed and with excellence. That’s how we can become even more successful next year. That’s why our customers will demand from Philips more than they demand from our competitors because, at its core, our promise of ‘meaningful innovation’ must signify that the customer wants it from us.


It is wonderful to be recognized for such dynamism and boldness by the BCG. Even more importantly, the acclaim of those executives reflects what our loyal customers feel – that what makes us different is truly understanding people’s needs.

Jim Andrew

Executive Vice-President, Chief Strategy & Innovation Officer

Jim Andrew has worked extensively with leading companies on issues of growth, international expansion, and corporate and business unit strategy. He began his career in 1986 at the Boston Consulting Group, where he served as a Senior Partner and Managing Director.


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