How can I choose the best research and development strategy?
Research and development (research and development) is the process of developing and growing new products. Companies for production, product design and information technology have a research and development strategy. These industries are powered by consumers' demand for their products. New products or improvement of existing products are required to maintain the company. The best research and development strategy has a long -term view, focuses on limiting costs and has a specific set of supplies.
Research and development costs have a huge impact on the choice of strategy. In many cases, research and development is the main aspect of the business model and a specific percentage of income is assigned to this expense. For example, pharmaceutical companies usually spend between 20 and 35 percent of annual research and development income. This is absolutely necessary because the development of new products and patents allows the company to create the property of the product line and provide Long-Term Term Reach.
The first step in choosing a research and development strategy is to find out where the company should be in 10 or 20 years. Focus on questions about product specialization and a group of target clients. The next step is to create a logical plan to achieve this goal. For example, motorcycle trade, which wants to become a leading industry for creating their own rounds for clients aged 50 and older, has a clear focus. Research and development strategy to achieve this goal must include the creation of new parts, accessories and designs that will appeal to this target market.
Sound, impartial research is absolutely necessary to create research and development strategy. Companies invest in professional research services to determine the feasibility of the long -term goal and identify the steps necessary to achieve this goal. Metrics about the size of the target group of customers, median Incona level, the interest in the product and the overall trends are necessary to avoid costlyto the mistakes.
Cost limitation is the most important part of any research and development strategy. Methods used to manage this aspect of business differ, but the most popular options are cost accounting and budget management. The cost accounting monitors the costs of all parts and stocks used on the project, along with the time of employees. Costs are examined regularly and compared with the state of the project. It can be time -consuming practice, but it brings the most accurate results.
budget management is used in large companies. The main researcher is assigned a specific amount of money in different categories such as supplies, personnel and equipment. The project is regularly checked to determine progress and potential viability. Expenditure must be justified and projects that are not well proceeded are stopped.
Effective research and development strategy allows a combination of Creative Freedom and focused efforts. Most companies have a research review processh ideas and designs. The proposal must include a time line for the production of viable product, cost estimation and target market. In many organizations, there are a committee of higher employees who control designs and choose those that are most likely successful.