The issues in R&D
Research
& Development is essential for the success of a
business and it is well known that innovation can make a
company stand out from its competitors.
The
company must therefore look to make more efficient use of
its R&D than its rivals.
The
time it takes for new products to reach the market is
critical to competitiveness and with the rate of new
product replacement constantly speeding up a business must
learn to react quickly.
New
technologies arrive with unexpected implementations and
this may be a threat to the existing products. The range of
required skills widens and the need increases for networks
of knowledge.
Companies
however can ill afford to spend fortunes on R&D just to
remain at the same level. They must develop R&D
programmes with strategic goals using the resources
available.
They must
eventually be able to demonstrate the value of developing
the specific knowledge and expertise to their shareholders.