R&D is an important means for achieving future growth and maintaining a relevant product in the market
Research and Development is a crucial part of every business. It is an ongoing process of improvement that can be applied to current existing products, services, or processes. It can also be focused on developing new ones. For many companies, research and development is what keeps the business up to date and a step in front of their competitors.
We apply three types of research and development (R & D) mechanisms like Basic Research, Applied Research and Development.
When research aims to understand a subject matter more completely and build on the body of knowledge relating to it, then it falls in the basic research category. Applied research has more specific and directed objectives. This type of research aims to determine methods to address a specific customer/industry need or requirement. Development is when findings of a research are utilized for the production of specific products including materials, systems and methods. Design and development of prototypes and processes are also part of this area.