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In economic theory, innovation is the source of profit. Indeed, innovation makes the product more attractive to the consumer who will therefore choose this product (and not the competitor’s).
The Research & Development function: what definition for what issues?
What is the definition?
The Research & Development function covers all the processes which, starting with fundamental research or an invention, ensure its industrial feasibility. It therefore covers all the stages involved in moving from the research laboratory to industrial production in a factory.
The Research & Development function therefore develops innovations, which are the industrial and commercial applications of a discovery or invention.
What are the issues?
The impact of the Research & Development function can be seen throughout the company. We will remember :
- In terms of production, the R&D function will improve the efficiency of production when it comes to process innovation. However, it can create additional constraints when it comes to product innovation.
- From a commercial point of view, Research & Development will enable the company to differentiate its offer and create more value for the customer.
- From a financial point of view, the Research & Development function is first and foremost a cost. It is an investment whose results are uncertain. On the other hand, if the innovation is successful, the company’s revenues will be higher.
- From a strategic point of view, the R&D function allows the company to develop its specificity and to differentiate itself from competitors.
What tasks within the Research & Development function?
The tasks of the Research & Development function are very transversal. They cover a wide range of fields: from information retrieval to patent management and laboratory research.
- Technology watch: keeping an eye on what competitors are doing in the particular field of technology. This means finding relevant sources of information (scientific journals, universities, competitors’ activity reports), then analysing this information in order to make the best use of it. A good technology watch enables a company to grasp promising niches.
- Develop (or have developed) specific technologies. While some of the activity of the R&D function takes place in a laboratory, much of the innovation activity takes place by alternative means. Indeed, developing a research programme is expensive and the results are very uncertain and often disappointing. Companies will therefore try to find alternative methods: development of research partnerships between companies, purchase of patents, purchase of innovative SMEs, research contracts with a university, etc.
- Protecting innovations with patents. Research & Development is an investment that creates knowledge. This investment is costly, so it must be protected from competitors who may want to copy it. To do this, companies can patent their inventions. Patents give the company a monopoly on the use of the invention for a certain number of years. Only the company holding the patent can market the invention and thus reimburse its research costs