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Research and development is the efficient activity combining both basic and applied research. And it aimed at discovering solutions to the problems or creating new products and services. In general, Research and Development (R&D) is a key element of many organizations. And, it enables a business to generate increased wealth over a period of time, with good planning and utilization. Also, it refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.
As a matter of fact, Innovation is realised as a vital driver of economic growth and stability. Since, new ideas can act as catalysts for a whole stage of new products and services that change the economy, increasing its strength and vitality. Thus, Research and development can result in highly valued inventions, ideas. Furthermore designs for your business that could be a source of potential value, when it comes to maintaining that preceding competitive advantage. Also, Research and Development plays a critical role in the innovation process. Likewise, it is essentially an investment in technology and future capabilities which is transformed into new products, processes, and services.