Research & Development
What is Research and Development ?
One of the most crucial factors for the survival of a Company is to provide new products and services. The first stage to adding a new service or product to any company is Research and Development. Every company to become the pioneers in their sectors rely on R&D. Some form of R&D is carried out everywhere from small business to multi-billion-dollar corporations.
Importance of R&D
To stay relevant and create the most sought-after products, companies spend billions on R&D. R&D is also important to improve on ongoing services and products. R&D can be carried out by engineers in a separate R&D department of a company with extensive research without a clear application or goal. It can also be carried out with specific research in mind to develop a targeted product or service. Some companies do not have an R&D department but instead invest in start-ups and incubators where new ideas and innovations are being developed.
A major knowledge source
Research development professionals initiate and nurture critical partnerships and alliances throughout the institutional research enterprise and between institutions and with their external stakeholders. With the goal of enabling competitive individual and team research and facilitating research excellence, research development professionals build and implement strategic services and collaborative resources that span across disciplinary and administrative barriers within their organizations and nothing beyond.
Research development differs significantly from university development (institutional fundraising or advancement) in that RD is not aimed at attracting contributions or donations. Rather, RD strengthens research programs and proposals to make them more competitive for extramural contracts and grants from governmental, private and non-profit funding agencies. Similarly, RD should not be confused with research and development (R&D) which refers to investments in (often) corporate scientific and technological research that leads to new products and applications.
Consequences?
R&D projects can be risky and not always pay-off. The profits from an R&D project should be considered tentative and should be adjusted as the project lifetime progresses. Despite the risks, R&D is hugely important to keep improving and discovering new knowledge on creating the best products and furthering the human race. We must constantly stride towards innovative ventures for companies to have a competitive advantage. Technological innovation is moving the businesses further and providing consumers with new and improved products. Designing and leading R&D is at the core of the operations that are taking place.