The research and development function brings innovation, which increases the level of competitiveness of economic activities both financially and in terms of quality. By boosting the research and development function of a company, the latter has several advantages, especially coming from the team, such as the hatching of innovative and limitless ideas, and also the maintenance of an openness to the opportunities of partnership or cooperation.
Optimizing the research and development function can only have positive impacts in most cases, especially for large companies. A study of 15,000 companies showed that, over a six-year period, private or public investment in the research and development sector promotes business growth and job creation. In addition, it is also possible to seek the opinions of employees in order to allow the company to innovate in its ideas.
The research and development function provides the opportunity to achieve significant differentiation between competitors in the same market. In other words, it helps institutions stand out from their competitors.
The sums invested in research and development contribute to improving the products and services of financial institutions (Banks, Insurance companies, etc.) and also non-financial institutions, in particular thanks to new products and products protected by patents. The latter constitute sources of profit in the event of a resale to others.
A well-resourced research and development function enables institutions to adapt their offers to the needs of their clients. Turnover will only be boosted. The institution will then be able to take advantage of this to gain a prominent place in the market while ensuring its reputation and sustainability.
Constantly producing new products is synonymous with business performance. The innovation process is a strategic activity in the management of the company. It must become routine in order to generate significant competitive advantage. This investment increases the level of productivity. Professor Stephen Roger who supervised this study in the UK states that: "Investments in research and development contribute to job creation and fuel growth ... This initiative must be encouraged to boost competitiveness on the international scene . "