The American Innovation Index, now in its seventh year, does an annual ranking of companies that consumers find to be the most innovative in their sector. Plano-based Toyota U.S.A. ranked Most Innovative Automotive Company in this year’s ranking, which came out last week.
“Last year, Toyota beat out every company, regardless of category, and was number one on the list. While Toyota is placed as number two in the overall Index (with Apple ranking number one), the other auto companies in the list were generally ranked highly for innovation as well, with Honda and Ford ranking in the top 10 and General Motors coming in at 27,” a news release stated. “The auto industry is historically a major innovator and continues to gain traction in the minds of the consumer with an emphasis on hybrid, electric, and alternative fuel vehicles.”
The ranking is created through research by Fordham University’s Gabelli School of Business and the Norwegian School of Economics, who compiles the top 10 companies in 16 industries, including automotive, consumer durables and general merchandise retailers.
“The Aii is the only index that ranks the level of innovation based upon consumer perceptions and interactions with a company, making it unique in that it measures innovation from the customer point of view rather than on expert opinions, which bypass customers’ experiences,” said Barbara M. Porco, managing director at Fordham University’s Gabelli School of Business, Responsible Business Center (RBC). “In addition to being innovative, companies that are secure, easy to do business with, have a strong web presence, and have the ability to customize their products or services, are those most likely to rank in the top positions.”
Top 10 Most Innovative Companies, across all industries:
- Apple
- Toyota
- Honda
- Weber
- John Deere
- Amazon
- Ford
- Adobe
- Samsung
- Victoria’s Secret/Pink
Top 10 most socially innovative companies (Sii):
- Toyota
- Honda
- John Deere
- Ford
- New York Life Insurance
- SoFi
- Bridgestone Tire
- JetBlue
- General Motors
- Weber
“This study captures consumer sentiment in a variety of ways,” noted Charles Colby, strategic advisor at Illuminas and study methodologist. “Companies that are seen as innovative by their customers are overall more appealing and garner greater loyalty, ultimately achieving higher success than others.”
The index also noted that empathy, flexibility, reward programs and AI use did not seem to be a major factor in whether consumers considered a company innovative.
The top “leaders” of innovation will be honored next month at the 7th Annual American Innovation Conference, hosted by the Gabelli School of Business on Fordham University’s Lincoln Center campus in Manhattan on November 19.