Board Members

Board Members

Monday, March 27, 2017

Research & Development

The Importance of Research and Development

Research and Development is quintessential to the innovation process, and ultimately the success of your business (or product).  Research and Development is an investment we make to help us expand and gain competitive advantages in our industry. R&D applies to all industries and all sizes of organizations. If you aren’t investing in further development, your competitors will (and probably are already doing such). There are some huge companies that you probably have heard of that are “top dawgs” when it comes to R&D, such companies include Intel, and Amazon. These two companies spend BILLIONS to help give them competitive advantages. Intel for example, is consistently always looking to make their technology run faster and more efficiently. Amazon, uses R&D to help with their customer’s experience and the supply chain side of their business (such as appropriate distribution locations and other services they can provide). Remember it is important to note that R&D can be implemented in ANY organization, regardless of size. Sure, you may not be able to spend money like Intel and Amazon, but by investing even a little bit, it will give you a competitive advantage.

Here are some key benefits of that R&D provides to organizations that implement R&D tactics.

1   The decision basis
2   Technology strategy
3   Portfolio management
4   Project strategy
5   Proper organization and process
6   Relationship with internal customers
7   Relationship with external customers
8   R&D culture and values
9   Improving decision quality

For more information, check out this article!


http://www.incrementalinnovation.com/innovation-management-development/rd-to-innovation

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