Companies are constantly seeking financial and technical performance. The business environment is constantly evolving. To reach their short- and long-term objectives, companies adopt relevant strategies. To this end, R&D, or research and development, is a source of sustainable growth. It is an investment to materialize the growth of a firm.
R&D: to sustain a company’s innovation
To maintain their market share, companies are obliged to innovate. Innovation is a growth factor. The multiple internal and external constraints push the company to make efficient decisions. Faced with consumer and competitor behaviors, the cost of production, innovation is a key to success. R&D in companies is at the heart of the manager’s concerns.
The research and development function concerns the company’s internal and external activities. It is a complete process. Indeed, innovation concerns the commercial strategy via the sale of goods and services. R&D also applies to the manufacturing process and organizational style.
The R&D function, a pioneer in sustainable collateral benefits
The ideas are concrete and can be transformed into a feasible project. The objective of innovation is proclaimed by senior management. However, all staff ideas are solicited. Given the resources, issues and constraints, only the relevant idea will be retained. Once adopted, the innovation process applies to the entire company. Upstream, the implementation schedule must be defined. R&D includes both strategic and operational aspects. All personnel must focus on the innovation process.
The R&D in companies promotes the competence of human resources. Know-how is focused on innovation. Innovation opens up considerable potential. Efforts are channeled towards a common ambition. R&D strategies allow companies to have new opportunities. Moreover, innovation generates advantageous cooperation. In fact, public or private partnership concretizes the cross development.
R&D, a profitable investment
It is true that the R&D function in companies requires significant financial resources. But it is a profitable investment. Its added value is displayed over time. Innovation ensures the sustainability of a company. In this sense, the company will be able to follow the rhythm of the technological evolution. Through the tax credit, the government finances part of the costs and development. However, the company can resort to other sources of financing. Ultimately, the impact of innovation propels the company. R&D generates collateral benefits. This process enhances the value of the staff, as their ideas are solicited. The idea box is a dedicated collection method for this purpose.