What is R&D?
Research and development (R&D) are innovative activities undertaken by private businesses, corporations or governments to develop new or improve existing products or services. The difference between R&D and the majority of business activities is that it carries greater risk, it isn’t intended to yield instant profit and has an uncertain return on investment. Nevertheless, R&D is essential for acquiring higher market share.
Investing more in R&D is part of our key strategic guidelines for 2021!
Conducting a comprehensive analysis of our company and it’s environment was necessary in order to choose the “ingredients” of a winning R&D strategy.
R&D is important for us because it gives us powerful and insightful knowledge and leads to improvements to our internal and external processes, raises efficiency and productivity levels, and potentially reduces costs. Focusing on R&D allows us to develop new products and services, or to add new features to exisiting solutions. Also, through matching inventive products and creative marketing campaigns we are able to enjoy marketing and advertising benefits of R&D that lead to increasing market participation by offering customers something they haven’t seen before.
Also, we intend to have fun along the way!
Steps to a smarter R&D Strategy (example)
- Defining the business assumptions
- Identifying and categorising current product issues
- Prioritising existing product issues
- Defining basic requirements for the next-generation production
- Identifying dependencies and leverage
- Creating a product roadmap
- Updating the plans