Research and Development

All types of Research & Development start with new concepts and theories – this can be related to identifying new opportunities or new issues. Later, The R&D process focuses on exploring the identified concepts recognizing what’s much feasible. Mainly two types of research within R&D – Basic Research and Applied Research.

Basic research

Basic research is about gaining knowledge and developing the understanding and intelligence that a business can use to its advantage. This knowledge forms the basis for further research and development projects and leads to strategic business decisions.

Applied research

Applied research is highly defined, often looking to achieve a specific goal. This could be using a new technology, getting to new market, improving safety or cutting costs. Applied research often leads to the developmental stage.

New product research and development

Research development and product development often go hand in hand. A rapid change in consumer demands and emerging technologies means there’s always a need to adapt. Before developing new products, you need an in-dept understanding of the market and the needs of the consumer.

Improving existing products and processes

Continuous evaluation of existing products, services and processes is also an important part of research and development. If a product, services or process is no longer profitable or adding value in a market then it risks sluggishness.

Developing R&D projects

Research and development plans are set up to achieve goals and business needs. These can be to introduce new product or to use a new technology.

R&D in business

Businesses approach to research and development approaches in different ways, and different organizational structures implement different research and development strategies. How research and development are utilized internally also varies dramatically between businesses, with a significant impact on its overall impact.