What is Research and Development
The other name for research and development is R&D. this phase indicates to get knowledge about products, processes, and services, and then applying that knowledge to create new and improved products, processes, and services that fill market needs.Techniques that involve science, technology and mathematics are used in research and development. Businesses, educational facilities and government agencies usually establish specialized research and development centers or departments. Organizations often devote a specific percentage of their annual budgets to research and development. The allocation of research and development funds varies from business to business and from industry to industry. Each department has different terminology to express different terms. Like in business R&D can be related with the research of new product or it can be conception of a product. The initial stage involves assessing the current and future needs of customers and suppliers – asking for their views and feedback and carrying out market research.
Once you understand customers’ needs and your marketplace, you can identify:-
Modificationsto your product or service new,commercially viableproducts or services improvements to business processesthat will benefit customers.
In science, it can be research about new technology and then development of new products by using that new technology. So, it means different things in different applications.
Research and development is often scientific and is frequently carried out as corporate or governmental activity. In order to exist in these competitive world industries need to review their products to check whether they are not lagging behind in terms of technology is must. A phrase & eating the seed corn & is used for those companies which don’t spend their time or don’t do any efforts towards new researches and developments. The result is they are dominated by their competitors.
How much effort and money has to be spent on R&D depends on technology and how fast the market is moving. In early times once a research was made it took 5-10 years to replace it but mow-a-days this time is decreasing because the speed of technology growth is very high.