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More so than any other industry, software development moves at an incredible pace with new advances being made every day. In an industry that’s fast evolving and continuously advancing, remaining competitive is fundamental, and R&D is the key. Today, companies are investing more in R&D than ever before. There is a growing need for R&D in the area of software products. In a recent survey of central European companies conducted by Deloitte, 52% respondents stated that their companies will put more budgets into R&D over the next year or two, and, long-term, 67% plan on doing so.
What is R&D?
R&D is an investigation with the goal of coming up with something new, a discovery that will result in a new product or service, or one that will improve or enhance an existing offering.
Typical R&D activities include the following:
- Designing and developing new products that have increased effectiveness or functionality
- Developing enhancements/improvements of existing products
- Designing and developing new testing methods
- Developing improved technologies
- Development of automated processes to improve efficiency
- Development of software for product or process improvements
New software in every niche hits the market every day. It is the result of creatives with great new ideas and software engineers who can put those ideas into innovative software. Those companies that invest in software R&D gain a competitive edge, serve customers better, get recognition as a leader in the sector and attract the human expertise that moves a company forward.
Being the first to develop innovative new products or processes can help establish your company as a leader in your field. In turn, this can attract new customers, as well as the best talent which helps your company grow and fuels further progress. On a wider scale, technological innovations also have the power to bring about positive change worldwide.
Research and Development is very vital for any organisation and its future sustainability. The more you do research before developing the product, the bigger chances you have that the product will be more robust and durable.
As we discussed, the knowledge gained during the Research & Development phase is used to develop new solutions, improve and modify existing products, services, internal and external business processes. Also, R&D researchers track current industry trends and help you implement them into your project. The R & D team is also always about taking into account future trends and possible requirements to create forward-looking products.
R&D may lead to cost reduction, finding more efficient methods of work. Moreover, R&D covers the competitors’ analysis and identifies their weaknesses.This analysis allows you to determine the directions for creating a unique product or service that will distinguish you from other companies in your industry and increase your market share.
Any good idea will not turn into an effective and competitive solution without the necessary investigation. That is why, if you want to create a successful and unique software product, you should pay attention to the Research & Development (R&D) stage.