Research development includes capacity building, catalytic, proactive, and strategic activities.
Research development includes capacity building, catalytic, proactive, and strategic activities. Employees that perform research development range from engineers to faculty members.
The primary objectives of R&D are to secure a competitive edge and increase bottom line profitability. R&D is not generally undertaken in order to generate an instant profit but instead for long term benefits.
R&D can be performed in house at a company by a dedicated full time staffed department. Alternatively, R&D can be outsourced to a third party provider due to the cost incurred or a lack of domain Expertise or staffing capabilities.
An important distinction for business professionals to make is between applied research and R&D. While the first step of R&D generally consists of basic research performance, there may not be specific objectives set.
Alternatively, applied research seeks to procure new knowledge for a specific objective. Objectives for applied research can range from improving existing products to developing new operational processes.