The ways in which businesses operate have been transformed in large part by the advances in technology over recent years.
Individual functions within an organization have had to change and adapt to new technologies. Perhaps one department which especially feels this impact is that of Research and Development.
The head of Research and Development is under continuous pressure to implement new technologies that will set their organization apart from the competition. Time and money have always been a concern, as is the case within most business functions, but properly cultivated data can help professionals implement projects with higher quality insights more quickly. Data-driven decisions can be optimized against hundreds of factors, including customer feedback, operational insights, and external factors. Successful Research and Development leaders understand that their roles encompass a wide skill set, and see value in training their teams to incorporate Big Data analytics into their work.
The digitalization of communication has changed the way team members are able to collaborate with one another, and has had a positive impact for the world of Research and Development. By using evidence-based approaches and new technologies such as crowdsourcing, organizations can expand the scope of innovation sources. This creates a more efficient process of producing new products, as well as allowing organizations to solve problems faster.
Interest in the use of virtual experimentation and simulation has also grown within Research and Development departments. With virtual experimentation, specialists can run multiple scenarios at the same time, which enables them to make better and faster decisions, thus reducing time and costs.