Research and Development (R&D) is the growth engine for any business and the onus of identifying new technologies, customizing them as per the business domain, and building a strategy around them which can be translated into technology or product.
Though the Research and Development (R&D) teams are always under constant pressure to mine new areas of interest and innovate, high-pressure situations like Pandemic, Merger, and Acquisitions, and new product development inflict an additional burden of expediting the innovation process.
- So, after all, what impacts Research and Development (R&D) productivity?
- Why is it a troublesome area for so long?
- What resources are available at hand that can help improve this parameter?
- IS existing Data and knowledge being leveraged?
- Are NLP tools (such as XLSCOUT IDEACUE) being leveraged?
The very first challenge seems to be the measurement of Research and Development (R&D) productivity. R&D in its essence is to brainstorm ideas, research and innovate. This may seem straightforward but is more complex than it seems. Brainstorming ideas alone is something of a superlative task on its own. Take any R&D team within any business, they must be getting tonnes of ideas every month.
But which ones to choose? Which ones to nurture?
To answer these questions takes the most time and effort. And the next stages of research and innovation are dependent on this one variable. So can just the number of innovations provide a measurement of R&D productivity, well the debate is long.
Now besides the much debatable issue of “measurement of R&D productivity” there are a few more other pressing issues that affect this space largely.
The gap between consumer need and innovation
Often innovations churned out by the R&D departments are either so ahead of time or too late. They just miss grabbing the market nerve in real-time. This factor is the most common yet the one which leads to huge losses. Not just money but time and effort too.
So what can be the possible aid to this problem?
Maybe enable the R&D to be in sync with the market. More interactions with teams on the ground can help. In short, anything that can help R&D gain insights on anything and everything related to consumer and market trends. So maybe surveys shall not be taken just as a marketing function anymore. Even simple measures like real time market alerts, competitor tracking, and similar measures can help.
Data Analytics through Machine Learning
Use of Data Analytics and Machine Learning tools that include tools like XLSCOUT Ideacue to ensure there is adequate data-driven Innovation/ Machine Learning driven approach to Innovation.
The IP AND R&D Dimension
IP and R&D are the two pillars for any business, despite co-existing the nature of the functions they perform are hugely independent. Both need IP data but their relationship and understanding in the race to protect Innovation.
R&D and IP need effective collaboration but that’s easier said than done. There are limited mediums that can cater to the data needs of both and at the same time enable collaboration.
Missing collaboration across various R&D teams
Just now we talked about the issues in R&D and IP collaboration. They still were different teams with different nature of functions. But collaboration gaps exist within different R&D teams as well. Bringing all R&D teams on the same page is crucial yet difficult. The use of the XLSCOUT corpus is important in such scenarios.
So now to conclude, there are various factors that are affecting the R&D productivity and there will be many issues that will be distinct to businesses.
However, the ones listed above seem the most common.
XLSCOUT supports and offers solutions that can assist in minimizing inefficiency. The platform supports tools for data aggregation, data visualization, and idea generation. XLSCOUT SDI is a collaborative tool that assists in collaboration between IP and R&D teams. It offers patent alerts, a limitless searchable repository that is secure and can be accessed via the cloud.
To know more about the XLSCOUT offerings, get in touch with us.