Case studies

How the world's most vital companies turn strategy, technology, people, and culture into sustained growth. Filter by the driver of growth, or browse them all.


Anduril IndustriesEcosystems
Product development speed: from months to weeks

Anduril partnered with Area-I on Altius drones, proved out the technology through collaboration, then acquired Area-I in 2021 once it became strategically critical. This partner-first approach lets them move fast without overinvesting in things better sourced externally.

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Anduril develops technology across all three innovation horizons simultaneously — building foundational platforms, experimenting with new capabilities, and pursuing moonshot ideas in parallel. Instead of treating make-vs-buy as a binary choice, it partners early to gain speed and capability, then brings key technologies in-house when they become strategically critical.

Source: The Vitality Code, BCG, April 2025
SumUpCapital Adv.
>100% net revenue retention — raised debt instead of equity for global expansion

SumUp built a highly predictable revenue model with stable customer cohorts and greater-than-100% net revenue retention, allowing it to fund global expansion with debt rather than equity dilution.

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Because of its stable customer cohorts and clear ROI on marketing and sales spend, SumUp turned customer acquisition into a bankable business case. The fastest-growing companies operate with this level of strategic discipline and financial foresight — ensuring every dollar spent leads to a measurable return.

Source: The Vitality Code, BCG, April 2025
Palo Alto NetworksGrowth M&A
~20 acquisitions in 6 years — from niche firewall player to full cybersecurity platform

Palo Alto Networks started with next-generation firewalls to build a foothold, then expanded aggressively through close to 20 small and mid-scale acquisitions over six years to build a full platform solution.

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Senior Director of HR Rust Ince-Schroeder: 'We started out in so-called next-generation firewalls to build a foothold but soon understood we had to compete on the broader cybersecurity market and build a full platform solution. We are really good at spotting new emerging companies with edge technologies, being a great partner to them to acquire them early and then integrate their products into our own platform.'

Source: The Vitality Code, BCG, April 2025
NubankAmbition
Started with credit cards in Brazil — expanded to multiple products and geographies via speedboats

Nubank uses 'speedboats' — small, high-talent teams with direct executive backing that can experiment and scale new opportunities quickly — to build new growth engines while core momentum is strong.

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The best-run companies actively build new growth engines while momentum in their core is strong, but do so without taking their attention off their growing core. Companies that do not proactively create new expansion paths risk plateauing as their initial market reaches saturation.

Source: The Vitality Code, BCG, April 2025
WiseFocus
Disrupted FX by exposing hidden fees — aligned business model with user interests

Wise disrupted the financial industry by exposing hidden fees in traditional currency exchange, proving that transparency can be a competitive weapon. Unlike incumbents that profited from customer confusion, Wise aligned its business model with user interests.

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The strongest businesses find ways to benefit from increased transparency rather than suffer from it. If a company's model works only when customers do not fully understand it, that business is vulnerable to disruption. Winning companies like Wise and Nayya Health remove friction, align incentives, and create undeniable value for customers.

Source: The Vitality Code, BCG, April 2025
Siemens HealthineersAmbition
12% annual TSR since 2018 IPO — anchors innovation investment to % sales from last-3-year products

Siemens Healthineers mastered capital market communication by anchoring its innovation activities to a clear metric: the percentage of sales derived from products launched in the last three years. This creates a reinvestment flywheel.

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Sustained investment in innovation leads to superior products, driving higher customer satisfaction, which results in better margins and an improved ability to reinvest. Those that fail to articulate this connection tend to suffer from lower valuations and weaker earnings multiples, as investors struggle to see a credible, compelling long-term growth story.

Source: The Vitality Code, BCG, April 2025
AdobeTech Stack Quality
Cloud transition enabled Adobe Sensei AI, Experience Cloud, and Document Cloud — expanding from creative tools to a full platform

Adobe's transition to Creative Cloud required massive investment in cloud infrastructure, AI integration, and workflow automation. This shift transformed Adobe into a platform, enabling continuous innovation and new bolt-on functionality through Adobe Sensei.

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With the cloud as the foundation, Adobe rapidly integrated AI-powered tools through Adobe Sensei, enabling automated image tagging, intelligent editing, and predictive marketing analytics. The same cloud infrastructure paved the way for Adobe Experience Cloud and Document Cloud. Firms that fail to invest boldly in AI-powered automation may find themselves permanently behind, unable to leap to the next S-curve.

Source: The Vitality Code, BCG, April 2025
Procter & GambleAmbition
Strategy as a living framework — continuously updated on deep consumer insights

At P&G, strategy is not a static document but a living, breathing framework that evolves with new insights and market shifts. Every product launch, marketing campaign, and investment decision is linked to real consumer needs.

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P&G continuously updates and refines its strategic direction on the basis of deep consumer insights, ensuring that decision-making remains data-driven and forward-looking. This iterative approach keeps the company agile and allows it to maintain its market leadership across generations. Companies that fail to keep their strategy dynamic risk becoming obsolete.

Source: The Vitality Code, BCG, April 2025
SolvayR&D Momentum
Embedding business teams inside engineering and R&D to create direct line of sight to business value

Solvay, the European specialty chemicals company, embeds business teams in engineering and R&D to establish a clear line of sight to business value — avoiding the trap where engineering-driven cultures chase shiny objects without commercial discipline.

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Engineering- and R&D-driven cultures are particularly likely to fall into the shiny-object trap — adopting new technologies without validated use cases. By co-locating business and technical teams, Solvay ensures every R&D investment can be clearly linked to commercial outcomes.

Source: The Vitality Code, BCG, April 2025
SalesforceAmbition
Created the Cloud CRM category — a paradigm shift requiring relentless, multiyear commitment

Salesforce did not just build software — it created the Cloud CRM category by reshaping how customers perceive value. True category creation requires extensive education, thought leadership, and evangelism; far more effort than most companies anticipate.

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Category creation is an arduous, multiyear process. It calls for extensive education, thought leadership, and evangelism — far more effort than most companies anticipate. True category leaders like Salesforce are not just creating markets; they are shifting paradigms — and that takes relentless commitment.

Source: The Vitality Code, BCG, April 2025
AppleAmbition
Ranked #1 on BCG Most Innovative Companies list for all but one year since 2005

After returning in 1997, Steve Jobs recalibrated the entire innovation system: broadened the ecosystem (Microsoft partnership), tightened governance to the projects most likely to drive value (iMac), and expanded ambition into new domains (iPod 2001, iTunes 2003). Serial innovation success lives and dies with the quality of the innovation system, not individual products.

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Of the 162 companies that appeared on BCG's Most Innovative Companies top-50 list over 14 years, only 8 made it every single year: Alphabet, Amazon, Apple, HP, IBM, Microsoft, Samsung, and Toyota. Elon Musk famously argued that even more important than the product is 'the machine that makes the machine.' Apple's innovation system — integrating strategy, ecosystems, portfolio management, governance, and talent — is the canonical example of what this means.

Source: BCG Most Innovative Companies 2020
TargetCapex
Doubled capex 2016–2018; 25% annualized TSR over 3 years in a sector under sustained disruptive attack

Target doubled capital expenditures from 2016 to 2018 to innovate its store-based retail business and create seamless omnichannel journeys — augmented-reality point-of-sale displays, buy-online-pick-up-in-store. Online sales growth outpaced competitors in 2019 despite sustained sector disruption.

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Target's case illustrates how committed innovators — those who align strategic priority with actual investment — generate a rising share of sales from products and services launched in the past three years. BCG found that committed innovators are nearly twice as likely to grow new-product revenue as skeptical innovators. Target was ranked #22 on BCG's Most Innovative Companies list for 2020, the only pure-play retailer to appear in the top 25.

Source: BCG Most Innovative Companies 2020
DanaherGrowth M&A
49+ acquisitions in 30 years — DBS integration playbook drives 8.3% operating profit CAGR (2019–2024)

Danaher's Danaher Business System (DBS) — adapted from Toyota's lean principles — is applied not just to manufacturing but to growth, sales, and leadership across every acquired business unit. Every leader above a threshold must complete a 2–3 month DBS immersion before assuming day-to-day responsibilities, ensuring acquired talent aligns with the continuous improvement mindset. This disciplined M&A-plus-DBS playbook has compounded free cash flow by over $2 billion since 2019.

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CEO Rainer Blair: 'The combination of our differentiated portfolio, the power of the Danaher Business System, and the strength of our balance sheet position Danaher for long-term value creation.' With $5–10B annual M&A capacity and Danaher's first Chief Data & AI Officer appointed in 2024, the company is extending DBS into AI-driven R&D — embedding AI across workflows to accelerate outcomes, reduce costs, and increase speed for life sciences customers.

Source: Danaher 2024 Annual Report
Schneider ElectricEcosystems
1,400+ patent applications/year — digital and services revenues on track for 40% of total by 2027, up from 28% in 2023

Schneider Electric is transforming from a hardware conglomerate into an AI-powered energy and automation platform, anchored by its open EcoStruxure ecosystem. The 'Digital Flywheel' pivots recurring software revenues toward 40% by 2027, positioning Schneider as the essential backbone of AI infrastructure by solving data centers' greatest challenge: energy efficiency. The integration of AVEVA, ETAP, and RIB Software into a unified platform creates a compounding software and services engine.

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CEO Olivier Blum: 'This is a very important moment for Schneider Electric and our entire ecosystem. I am extremely excited by what we can bring at this critical time where AI and energy will transform lives and businesses.' With R&D investment of EUR 1.31 billion in 2024 (+12% YoY) and a record EUR 21.4 billion sales backlog, Schneider's open ecosystem strategy is attracting integrators, developers, and partners at scale — creating a self-reinforcing network that traditional industrial competitors are structurally unable to replicate.

Source: Schneider Electric Investor Update 2025
WorkdayIncentives
400+ account executives hired in 9 months — time-to-fill −32%, offer acceptance ↑ 11%

Workday identified 7 essential skills for account executives and hired at scale using skills-based assessments instead of traditional credentials. 80% of job profiles are now mapped to business-critical skills.

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After the pandemic surge, half the workforce had been hired after January 2020 without experiencing the culture firsthand. Workday used AI-driven tools to standardize skill definitions, map workforce capabilities, and facilitate internal mobility — creating a scalable foundation for strategic workforce planning and career development.

Source: The Vitality Code, BCG, April 2025
Nayya HealthTech Stack Quality
$2 trillion in revenue expected to shift to companies that master personalization (BCG estimate)

Nayya Health deploys agentic AI on the combined health and financial data of its 2M+ members to offer specialized financial advice that traditional providers with more siloed data cannot match. CEO Sina Chehrazi: 'If you are scaling fast, you cannot build for the challenge of today. You must build for the challenge of tomorrow.'

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'Agentic AI will be unleashed by the co-location of the world's data.' Nayya Health aims to deploy agentic AI systems on combined health and financial data to offer specialized advice that traditional 401k and health care benefits providers with more siloed data cannot. According to BCG estimates, $2 trillion in revenue will shift over the next five years to companies that understand how to create personalized experiences.

Source: The Vitality Code, BCG, April 2025
ZalandoTech Stack Quality
Tech Radar: monthly-updated framework with Assess → Trial → Adopt → Hold rings

Zalando maintains its technological edge through a Tech Radar — a monthly-updated decision framework run by principal engineers. Technologies move through four rings before reaching company-wide adoption, ensuring validated rather than trend-chasing adoption.

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Kotlin moved from trial to adopt after more than 100 applications were built with it in a year, backed by strong engineer feedback. By formalizing use with coding standards, service templates, and internal guidelines, Zalando ensures smooth adoption while keeping development modern, scalable, and attractive to top talent.

Source: The Vitality Code, BCG, April 2025
IntuitDigital/AI Skills
TurboTax support contacts ↓ 20%; ~$90M in FY2025 efficiencies from AI automation

Intuit integrates AI agents (Intuit Assist) alongside human employees with structured oversight — onboarding, monitoring, and refining their roles. Classical AI, generative AI, and agentic AI are combined to automate processes like tax form analysis.

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Intuit's approach highlights the growing need for businesses to not just adopt AI agents but to manage them with clear oversight. AI is also streamlining finance operations, cutting down on manual data entry and improving workflow automation. Broader automation efforts are expected to generate nearly $90 million in efficiencies for fiscal 2025.

Source: The Vitality Code, BCG, April 2025
WhatsAppGrowth Experience
Designed for 2 billion users — built for the world from day one

Unlike many tech companies that designed for their home market first, WhatsApp was built for the world from day one. Its diverse early team brought lived experiences from different regions, enabling design for a grandmother in Brazil, a journalist in Turkey, and activists in censored regions.

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Mubarik Imam, former Director of Growth and Strategy: 'If you are designing for 2 billion people, you want the most diversity you can have on your teams. When many voices and cultures are represented, you design better products.' This cognitive diversity was a strategic edge, not just a nice-to-have.

Source: The Vitality Code, BCG, April 2025
SpaceXGrowth Experience
Extreme talent density: lean but highly empowered teams positioned close to value engines

SpaceX operates with a philosophy of extreme talent density — building teams by amplifying individual strengths rather than minimizing weaknesses. Key teams are kept lean but highly empowered, with the 'directly responsible individual' concept ensuring accountability and accelerating decision-making.

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SpaceX embraces the idea that hiring world-class executive talent is difficult and that failures are part of the process — but it also recognizes that the right hires can be transformational. Companies that do not actively curate and empower top-tier talent risk stagnation, while those that maintain a high talent bar create a sustainable edge.

Source: The Vitality Code, BCG, April 2025
ASMLInternal Mobility
Workforce grew ~30% from 2021 to 2024 — onboarding at scale via codified culture and AI-driven career paths

ASML hired nearly a third more employees over three years, using a codified culture (Challenge, Collaborate, Care), skill-building programs, and an AI-driven internal gig system to integrate new hires quickly and meaningfully.

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Rather than just filling seats, ASML embedded AI-driven skill-building recommendations and job matching into its HR platforms. Employees receive tailored career paths, skill-based learning suggestions, and access to an internal gig-based system to take on short-term projects, build expertise, and explore new roles. By aligning talent development with culture, ASML transformed rapid growth into an opportunity to strengthen its workforce.

Source: The Vitality Code, BCG, April 2025
N26Tech Stack Quality
Scaled to 1,500+ people on cloud-based finance and HR stack chosen for tomorrow

N26 chose its finance and HR systems with scalability in mind, avoiding the common pitfall where growth causes operational bottlenecks. Head of Finance Arno Schleussner credits early investment in cloud-based solutions for enabling rapid scale.

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N26 ensures its technology choices do not just solve today's challenges but set the foundation for long-term success. Recently, N26 introduced new integrated systems that allow it to run targeted customer acquisition campaigns in a much more cost-effective manner than many of its competitors. Constantly reviewing and improving existing systems as the business scales is crucial.

Source: The Vitality Code, BCG, April 2025
DatabricksBureaucracy
Entire-company email list — anyone can post, wins and setbacks alike

Databricks bets on transparency to fuel innovation: an open email list goes to the entire company and anyone can post. Co-founder Arsalan Tavakoli: 'This open forum surfaces both good news and bad, ensuring problems are tackled fast and ideas move freely.'

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CPO Amy Reichanadter: 'When I first interviewed with the founders, I knew immediately that my role here would be unlike any other. Ali had extraordinary clarity about the company he wanted to build.' Cultural cornerstones include truth-seeking, a bias for action, and leading with first principles that shape leadership, innovation, and hiring. While most companies tighten control as they scale, Databricks bets on its people to handle the truth.

Source: The Vitality Code, BCG, April 2025
GetYourGuideIncentives
Retained all employees in 2020 with zero revenue; offered stock-option salary conversion

During COVID-19, GetYourGuide refunded all customers rather than retaining prepayments, then retained its entire workforce despite booking zero revenue. Staff were offered the option to replace part of their fixed salary with stock options — accepted by a large proportion of the team.

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GetYourGuide understands that a company's culture is shaped not just by policies and mission statements but by the defining moments in its journey. How a company responds in times of crisis creates its cultural DNA. By prioritizing customer and employee trust over short-term financial gains, these companies create cultural memories that inspire loyalty from both employees and customers alike.

Source: The Vitality Code, BCG, April 2025
AirbnbBureaucracy
Reimbursed hosts for guest damages with no legal obligation

Airbnb committed to reimbursing hosts for guest damages despite having no legal obligation to do so, demonstrating its dedication to the community. Co-founder Brian Chesky: 'A company's culture is the foundation for future innovation. An entrepreneur's job is to build the foundation.'

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In a defining cultural moment, Airbnb chose to incur short-term financial cost to protect long-term trust with its host community. Organizations that recognize and act decisively in defining moments craft cultures that stand the test of time.

Source: The Vitality Code, BCG, April 2025
HubSpotBureaucracy
'Culture is the second product you build and sell to your employees. It must be unique, relevant, and valuable.'

HubSpot co-founder and Executive Chair Brian Halligan frames culture as a talent magnet that must be actively designed and evolved, just as a company designs its external product. HubSpot also created the Inbound Marketing category — a paradigm shift that took relentless commitment.

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Just as a great external product attracts and retains customers, a strong internal culture attracts and retains top talent. Companies that fail to invest in their culture as strategically as they do in their core product risk losing their most valuable asset: their people. True category leaders like HubSpot are not just creating markets — they are shifting paradigms.

Source: The Vitality Code, BCG, April 2025
AnthropicAttrition
700–800 new hires in 1 year while maintaining culture and alignment at scale

Anthropic onboarded 700 to 800 colleagues in a single year while preserving its 'high trust, low ego' culture. Head of People Hannah Pritchett: 'The value we place on high trust, low ego drives a culture of collaboration and cooperation within the company that I think is really thrilling.'

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As a startup shifts from being a large small company to a small big one, the leadership requirements change entirely. Founders excel at creating something from nothing, but scaling demands operational excellence, structured decision-making, and trust. Actively nurturing this culture allowed Anthropic to fuel its growth while maintaining focus and alignment.

Source: The Vitality Code, BCG, April 2025
AmazonLean Management
455 process fixes in Q3 2024 — PR/FAQ, Type 1/2 decisions, and single-threaded ownership institutionalize decision quality at scale

Amazon institutionalizes decision quality through a portfolio of mechanisms: the PR/FAQ (working backwards from customer needs before building), Type 1/Type 2 decision classification, and single-threaded ownership. Under CEO Andy Jassy, Amazon launched a 'Bureaucracy Mailbox' in 2024 where employees flagged inefficiencies — leading to 455 tangible process fixes in Q3 alone. This obsession with reviewing and refining how decisions are made is as central to Amazon's competitive edge as the decisions themselves.

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Jassy set a target to increase the ratio of individual contributors to managers by 15% by Q1 2025, explicitly eliminating 'pre-meetings for the pre-meetings for the decision meetings.' He has reflected: 'You make the best decisions you can with the information you have at the time — you don't have perfect information.' This stance pairs fast, decentralized decision-making with rigorous post-mortems and written narrative discipline, ensuring Amazon learns systematically from every major go/no-go call.

Source: The Vitality Code, BCG, April 2025
Siemens AGLean Management
Split into smaller, more agile units to re-ignite growth potential

When faced with the need for transformation, Siemens AG opted to split into smaller, more agile units, prioritising organisational vitality over scale-based inertia.

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Large firms have a cure for the organisational aging that comes with size: breaking into smaller, more dynamic units. Siemens AG's decision to split reflects the broader principle that vital leadership means letting go of what no longer serves — even when that means restructuring decades-old organisational designs.

Source: The Vitality Code, BCG, April 2025
CelsiusFresh Perspectives
From penny stock with 12 employees in 2012 to 20.8% U.S. energy drink market share by Q3 2025

Celsius pivoted from weight loss to energy drinks, then expanded to health/wellness and Gen Z. Its innovation teams are oversized vs. peers and low-tenure, and only 1% of Glassdoor ratings mention slow speed or bureaucracy — a near-unique signal of organizational agility.

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CEO John Fieldy: 'You've got to evolve. If you are not reinventing yourself, you're going to be passed up.' A partnership with PepsiCo amplified distribution and growth options. Celsius ranks in the top decile on relative size of product/innovation teams and is top-quartile on AI adoption among beverage peers. COVID response included sampling at hospitals and fire stations, supporting fitness influencers' online platforms.

Source: Running Growth, Johann Harnoss — Mar 2026
e.l.f. BeautyBureaucracy
37% annual revenue growth over 5 years; 51% annual TSR through 2024; $1B acquisition of Rhode Skin

e.l.f. launches 200+ SKUs per year with concept-to-shelf in under 6 months. A single incentive metric — net revenue growth — applies across all teams including R&D. No separate project-management layer: product developers steer projects directly with marketing and chemists.

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CEO Tarang Amin: 'Even as we have become a major player in the beauty industry, we have continued to operate like a startup. We act as one nonhierarchical, passionate, high-performance team.' Notably, e.l.f. lags peers in AI adoption, relying on Google Sheets, email, and Slack — proving you do not need to lead everywhere, not even in AI, to build a formidable company. The growth portfolio expanded via Naturium (skincare) and Rhode Skin (prestige-adjacent).

Source: Running Growth, Johann Harnoss — Feb 2026

Companies referenced on this page are shown for illustrative purposes only. Their inclusion does not imply that any company is a client of BCG, or that BCG is affiliated with, endorsed by, or partnered with any company listed. All views expressed are based on publicly available information and BCG published research.