Research and Development

Research and Development (R&D) refers to the systematic activities undertaken by organizations to innovate and introduce new products or services, as well as to improve existing ones. It encompasses a wide range of activities including basic research, applied research, and experimental development. R&D is crucial for fostering innovation, enhancing productivity, and maintaining competitiveness in the market. It typically involves the exploration of scientific and technical knowledge to create new ideas, processes, and solutions that address specific needs or problems. Organizations invest in R&D to drive growth, adapt to changing market conditions, and respond to consumer demands. The R&D process may involve various stages such as ideation, feasibility analysis, design, prototyping, and testing before a concept is materialized into a market-ready product or service.