Research and Analysis fundamentally involves innovative ideas which are adopted by a company or the government to provide new and better products and services. It provides an edge to companies against their competitors and gain recognition in the industry. Although Research and Analysis involves high cost and risks.
The basic process of Research and Analysis is as follows:
- Foster Ideas: The research team gathers different ideas and takes up a couple of brainstorming sessions. They discuss and understand the current issues faced by the industry and try to figure out the opportunities and solution to these issues.
- Focus on Ideas: The team then chalks out the relevant ideas which inclines to the needs and which can be used to improve the existing product or develop a new product.
- Develop Ideas: Once the research has been carried out thoroughly, the researches look for the market accessibility for the particular idea so that it can be converted into a commodity.
- Prototypes and Trials: As soon as the idea gets approved and is considered genuine,the researchers start working with the developers to bring the idea into a tangible product. It involves a lot of trials as it should take into account all the requirements keeping in mind the cost.
- Marketing and Product development activities: As the product gets a shape, the researchers now have to get the product approved and decide on how the product can be put out in the market with proper pricing, advertisement, and distribution.
- Launch: Here comes the final step which is putting out the product in the market. This is a biggest test. Hence, it is important to critically analyse all the ideas and bring out the best results.
How to create an effective Research and Analysis process?
- Assess Customer Needs: It is really important to assess the needs of the consumers. If the product is doing well then find out what are the reasons of its success so that it can be implemented further in developing the product. It tells a lot about the taste and preferences of the people. If the product is not doing well then the drawbacks should be allocated and worked upon.
- Identifying Objectives: The research and developers should also keep in mind the objectives of the company which is to maximise profits. Therefore, they should try to minimise costs keeping in mind the needs of the customers.
- Define and design processes: It is necessary to define and design the processes in a realistic manner so that the goals are achievable.
Create a team: A strong team which is determined to achieve the goals in a systematic manner needs to be formed so that the idea gets converted into a product in the best possible way.
Why is Research and Analysis important?
- Research and Analysis brings new product through innovation and improvement to old products.
- R&A also helps to cut down the cost of production by incorporating better strategies.
- R&A also helps to increase the market share of the company.
- It is important because it helps to create a perfect software which also takes into account the latest trends in the market.
- R&A is beneficial for growth of the company. It also helps the company to gain knowledge which in turn helps them to have competitive advantage.
These reasons definitely conclude that proper research and analysis is necessary for the perfect software to be developed. It involves recurring cost but it also comes with a lot of advantages. R&A may continue for years so that the product when formed can give desired results but it is obviously worth the wait as it speeds up all the operations. It plays an important role in the success of a company.