Apple once again has claimed the title of "the world's most innovative company" in BusinessWeek's latest rankings. The Cupertino-based company tops the BusinessWeek-Boston Consulting Group’s list of the World’s Most Innovative Companies for the third year in a row: "That sort of staying power speaks volumes about the sort of innovation that matters today. Unlike the Post-it Note, which proves the value of lone inventors, the iPod epitomizes today’s innovation sensibilities," the publication wrote. Apple has managed to dominate any would-be contenders by earning more than twice as many votes as two-time runner-up Google.

The publication notes that the iPhone will likely keep Apple ahead of the pack for the foreseeable future.

"These include the ascendance of design, the focus on the user’s experience, and the power of ecosystems: The iPod is a hit because it works so seamlessly with the iTunes software. The company’s much-anticipated iPhone, which launches in June, will likely keep Apple high on our list next year too," the report said.

Google is No. 2, while Toyota, General Electric, and Microsoft round out the top 5. Meanwhile, Dell, struggling to find itself amid gains by rival HP, dropped from No. 14 to No. 22.