How can it help your firm?
Many organisations rely heavily on research and development (R&D). When properly planned and implemented, it allows a firm to produce additional money from time to time. While the inventions are important, the development of existing products is of equal significance as the consumer preferences are continually changing.
R&D is important to business growth and your ability to compete in a market. A business that can innovate and adopt new technologies as well as improving existing processes is more likely to succeed in the long run.
At a wider level, the benefits of R&D extend into entire sectors as well as positively impacting the wider economy. A sector that invests heavily in R&D will develop and achieve more, including providing real-world benefits to people.
R&D Offers Productivity, Product Differentiation - Firms gain a competitive advantage by performing in some way that their rivals cannot easily replicate. If R&D efforts lead to an improved type of business process—cutting marginal costs or increasing marginal productivity—it is easier to outpace competitors.
“Research is seeing what everybody else has seen and thinking what nobody else has thought.”
- Albert Szent-Györgyi
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