The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures is known as research and development (R&D).
A thorough study is conducted by the research and development department before the development of a new product. The research phase includes determining product specifications, production costs and a production time line.
Research helps to evaluate the functionality of a product before it is designed. Existing products of the company also fall under the scope of research and development. The department regularly evaluates the products offered by the company to ensure they are still functional. Potential changes or upgrades are considered. In some cases, the research and development department is asked to resolve a problem with an existing product that malfunctions or to find a new solution if the manufacturing process changes.
The research and development team aids the company in staying competitive with others in the industry. The department is able to research and analyze the products other businesses are creating, as well as the new trends within the industry. This allows the department to develop and update the products created by the company.