Research and development (R&D)

Research and development (R&D) refers to activities that organizations engage in to innovate, improve and create new goods, services or processes. It involves complex activities such as brainstorming, product development and testing that can be costly and time-consuming. R&D activities are a critical part of the innovation cycle and are essential to staying competitive in today's marketplace. Companies that invest in R&D often have an advantage over their competitors because they have a more diverse product portfolio and can develop custom solutions to meet customer demands. Additionally, R&D provides an opportunity for companies to stay current with the latest industry standards, technologies, and innovations.