The Power of Research and Development-Evolution, Adaptation, and Survival

1. The Power of Research and Development-Evolution, Adaptation, and Survival Evolution is a universal law of nature. The improvements that organisms make over time, through processes of natural selection, allow them to respond to the ever-changing demands of an ever-changing environment. The world is in a constant state of flux, which is now more perceptible than ever. An organism which can no longer effectively interpret or efficiently respond to changes in its environment is rendered unfit for purpose and becomes extinct. Businesses, like all other organisms, have to adapt to the meet the changing needs of their environment, namely, the markets they serve. If organisations fail to evolve, sooner or later, they will fail to survive. For businesses, research and development is akin to the processes of natural selection that exist within the world of nature, allowing life to survive, adapt, and to flourish. What is Research and Development? Within business, research and development refers to the conscious application of resources that are directed towards the innovation, introduction, and improvement of products and processes. As such, research and development is the crucial mechanism by which businesses can identify and understand problems, and then formulate and implement innovative solutions to solve said problems. For example, a manufacturing firm may conduct research and development in response to production costs being too high, which thus impact negatively upon profit margins. The process of research and development may highlight to the manufacturing business that there are much cheaper and more durable raw materials available. The manufacturing firm then shifts its production process to be able to incorporate this new favourable input, which reduces costs and increases profit margins. Why Research and Develop?

2. The simple example given above illustrates why investing in research and development can be so useful for businesses. Through the conducting of research and development, businesses tap into their environment and are able to interpret their surroundings at a fundamental level. With this understanding fully utilised and applied, they can then create products, services, and solutions which meet the needs of their market. A business that is maximally tuned-in to the challenges, requirements, and desires of its market can evolve in tandem with the environment that surrounds it, and can therefore design and deliver the products and services that the market wants, exactly when the market wants it. Businesses adept in this process of curiosity, understanding, and evolution exponentially increase their likelihood of achieving higher revenues, lower costs, and greater profits, and so are vastly more likely to survive and flourish in the long-term. Rewarding Research For many businesses, market conditions are currently the most challenging they have ever been. For some firms, such as those who have been able to understand the new environment and adapt quickly, business is booming. The businesses who are currently struggling may well be tempted to put research and development on the back burner until better times arise. However, research and development is the very tool which can make those better times arrive earlier. The UK government, which has a vested interest in domestic businesses succeeding, understands this, and so actively incentivises corporate investment in innovation. In 2000, they introduced a scheme which rewards firms for research and development into scientific and technological innovation by providing them with tax rebates1. Individual firms who invest adequately in research and development stand to gain a lot, both in terms of improved internal processes and also extra capital garnered or saved through government reward schemes. The Wider Context of Research and Development Research and development is not only beneficial for the individual business looking to improve its processes. Adequate investment in research and development can elicita positive impact across an entire national economy, and, therefore, the entire world. With a multitude of businesses in highly diverse sectors all actively looking at how to solve the complex and dynamic problems of their environment, industry across the world will become more efficient, more adaptable, and more fit for purpose.It so follows that better global business and industry leads to more employment and opportunity, a better application of resources, and increased living standards across the world. Small investments in research and development at the local level can lead to big changes in the global business community. Source:- https://justpaste.it/Power-Research-and-Development