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Research and development, or R&D, is an important way for companies to get the next big product developed for their customers. While there may not always be a formalized group known for this at a company, most companies have one. Companies do not want to be left behind. There are many hidden benefits if it is used correctly. Some companies already spend a lot, but even a little done in the right areas can grow a company to the next level. Some uses are not always known when they are created, such as the mouse, but eventually, they make companies big money.
One of the benefits of having an R&D department are the tax credits. While it does not cover everything, there are ways to let this help the bottom line when taxes are due. A company does not always get the immediate benefits of what is being researched. Pharmaceutical companies, because of government regulations, spend years to get new drugs to market. They are able to keep the lights on with the tax credits that help balance out some of the costs associated with this. Many of the costs associated with this area of a company come from government regulation, so they are willing to help in making sure the cost can be defrayed.
Data preparation is a necessary part of the research side. Data has to be sorted through to find what is needed and wanted. The data comes from many sources, but all of it has to be made into a form that the development side can use correctly. The data may even seem insignificant at first. It is up to those who do market research and other types to decide what to focus on. In current times, there is almost an overload of data. The preparation of all of it takes time and people. It takes the right computer algorithms. This is an undertaking that requires the right people being put in place.
Hack weeks are weeks where the members of the company work on their own ideas, not the company generated ones. Employees can show their best ideas, which allows a company to have new paths to consider. It allows the employees to feel appreciated, which will give the company a marked improvement. Companies brag about such events. Companies will be able to see what people outside of R&D are capable of, which may get new people for the department. It is a win all over the company.
Some companies do not need an R&D team. Their company, especially small, will become one. This will mean that the teamwork within the company will be a better team. People will be able to work with others they may not normally get to. This brings greater communication among areas that there may not have been before. Teamwork may not be the first thought of research and development, but it can be used to help the implementation of it. A company is not able to be a competition within itself. There needs to be a clear path to working as one entity.
R&D is a path that can bring many solutions. Not all of those solutions are what one would expect. The government provides tax credits to make sure that the departments are around. A hack week and teamwork could change the dynamic of the company to a better one. The research with good data is a way to shape several of these ways. All a company has to do is truly integrate R&D into the company, instead of people seeing it as something separate. That makes the company complete.