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.