What is Research and Development?
Research and development, often called R&D, is a phrase that means different things in different applications. In the world of business, it’s the phase in a product’s life that might be considered the product’s “conception.”
R&D is an investment in a company’s future.
If Innovation is tomorrow or a week after or a year after, R&D is the next five years or a decade or even a century.
Companies that do not spend sufficiently in this phase are often said to be “eating the seed corn”
That is, when their current product lines become outdated and overtaken by their competitors, they will not have viable successors in the pipeline. How much is reasonable to spend on research and development is highly dependent both on the technology area and how fast the market is moving. It might be enough to spend 2% of company revenue, not profit, in a fairly sedate market, but to keep up in rapidly changing markets, companies should expect to spend 15% or more, just to keep up with the rest of the pack.
New product design and development is more often than not a crucial factor in the survival of a company. In an industry that is changing fast, firms must continually revise their design and range of products. This is necessary due to continuous technology change and development as well as other competitors and the changing preference of customers.
Present day R&D is core part of the modern business world. Major decisions in firms are made on base of research and development.
Research and development is of great importance in business as the level of competition, production processes and methods are rapidly increasing. It is of special importance in the field of marketing where companies keep an eagle eye on competitors and customers in order to keep pace with modern trends and analyze the needs, demands and desires of their customers.
But, research and development are very difficult to manage, since the defining feature of research is that the researchers do not know in advance exactly how to accomplish the desired result. As a result, higher R&D spending does not guarantee “more creativity, higher profit or a greater market share”.
We follow these principles:
- Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.
- Welcome changing requirements, even late in development. Agile processes harness change for the customer’s competitive advantage.
- Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale.
- Business people and developers must work together daily throughout the project.
- Build projects around motivated individuals.Give them the environment and support they need, and trust them to get the job done.
- The most efficient and effective method of conveying information to and within a development team is face to face conversation.
- Working software is the primary measure of progress.
- Agile processes promote sustainable development.The sponsors, developers, and users should be able to maintain a constant pace indefinitely.
- Continuous attention to technical excellence and good design enhances agility.
- Simplicity the art of maximizing the amount of work not done is essential.
- The best architectures, requirements, and designs emerge from self organizing teams.
- At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behavior accordingly.
