BMW has been working extra hard to change not only the way it is perceived but also how it operates. While not long ago the people in Munich referred to themselves only as ‘car makers’, today BMW is defined as a ‘technology company’ as well. Moving forward, the Germans are planning to adopt more strategies used in companies such as Google, Amazon or Apple, to remain flexible and easy adaptable to change. That’s one of the reasons why BMW is now one of Fortune’s Most Admired Companies.
The publication has been ranking companies on a global scale for about 14 years now, trying to figure out which are garnering the most respect in either their particular industries or overall. BMW is ranked 32nd this year, just below Unilever and above UPS. The German technology company is second in the automotive industry though, outranked only by Toyota which is ranked 30th overall. The two are working together though, thanks to an existing partnership, which is great news for BMW.
As usual, the overall top-ranked companies are from Silicon Valley. Number one went to Apple followed by Amazon and Microsoft on third place. Number four went to Walt Disney, the Entertainment giant being recognized for its innovation, people management and social responsibility and beating all its rivals in its industry. As for BMW, the Germans lost three positions in the overall ranking compared to last year.
BMW is admired for its innovation, people management, social responsibility, financial soundness, global competitiveness and quality of products. BMW has a long-standing tradition of being considered not just one of the most admired companies in the world but also one of the most valuable.
Last year, BrandZ valued BMW at just under $24 billion making it the third most valuable car brand in the world, fighting for dominance with Mercedes-Benz and, of course, Toyota.