When most of us think about research, the first thing that comes to our mind is ‘academics’. Yes, research is prominent among academia, but most of us don’t realize the importance that research & development plays in businesses as well. Today, a myriad of multinational companies are investing millions of dollars towards their research and development department. But before we understand the reason behind this, let’s first understand what exactly is research & development.
What is research & development?
Most businesses prefer to research & development as ‘R&D’. In the business sector, R&D is the process of learning extensively about the existing products and services offered by the company. R&D also involves the process of generating knowledge in order to develop new products. But why does a company spend humongous sums of money just to know more about their own products?
Why is R&D so important for a business?
Improvisation of a product can be done only when you know each and every aspect of that product. That is exactly what the R&D team does! They understand the product’s strengths and shortcomings thoroughly, and this knowledge helps them to incorporate features that make the product better. A good example of this can be seen in the companies which manufacture mobile phones. New variants of the same phone keep hitting the markets, and they are commercially successful since they have added features.
R&D also involves doing extensive ‘market research’.This involves conducting online surveys, telephone surveys, email surveys, interviews, etc. A successful business always ensures that they analyze their consumer’s trends. This trend analysis which is done by the R&D team helps businesses to create strong marketing strategies. Some good tools to help you conduct market research are SurveyMonkey, AYTM, SurveyGizmo, and Survata.
Research and development are also used by companies to streamline the manufacturing processes in order to minimize the cost. For companies who strive to be innovative, R&D is a must!
Trudawn Solutions provides Research and Development services to help businesses stay ahead of their competition.