paper B
Industrial Research
Industrial Research
Industrial research has played an important role in the past in solving product,
business, and even commercialization issues. However, most companies no longer
have laboratories to undertake industrial research. In the past, computing-research
community has resulted in the introduction of innovative products and processes
into the market. As a result, businesses have gained financial benefits and the
society has benefited from novel products and services that have improved the
lives of its members. Despite all the mentioned achievements, many corporations
have closed down their research labs and other companies are no longer opening
new labs to conduct industrial research.
This paper focuses on how industrial research works in the corporate world.
Specifically, the paper will discuss the role of industrial research in solving
technology issues. Today’s organizations can generate innovative, novel, and
relevant products and services by embracing industrial research. Essentially,
industrial research describes the planned investigation to gain new skills and
knowledge necessary in enhancing available products, services, or processes or
developing new ones. Moreover, industrial research includes developing new
elements of complex systems for generic technology validation. The paper will
also demonstrate how industrial research can help corporates diversify their
products and services to achieve financial goals. Certainly, the corporate world
could use industrial research to develop new product lines, update existing
products, control quality checks, and stay ahead of trends in the industry.
Industrial Research Works in the Corporate World
Industrial research in the corporate world results in numerous benefits to the
companies, consumers, and the whole society. Many organizations from different
industry sectors have achieved various business goals by conducting industrial
research and integrating them into their business models. The benefits discussed
below demonstrate how industrial research works in the corporate world.
Developing New Product Lines
One of the primary purposes of doing industrial research in a company is to
develop new products or services. According to the presentation, sometimes
corporations must develop new products and processes to remain financially
viable. Therefore, research labs are used to create innovative products and expand
the existing product range. The first stage is for the research lab to conduct an
investigation of the specifications of the product, the associated costs, and the
time line of the project (Samsonowa, 2012). Besides, before designing the
product, research is conducted to find out the needs and expectations of the
customers for the new product. After the research is over, the lab designs and
creates a new product that incorporates consumer specifications and expectations
to ensure it is functional. The companies also consider regulatory specifications
and product guidelines when generating a new product. Microsoft is a company
that has used industrial research to develop the computer, Windows, and other
innovative products that it has produced for decades.
Update Existing Products
Apart from creating new products, the corporate world can use industrial research
to improve the products a company already has. As a result, a company will
undertake research to determine if its products are still functional. Furthermore,
the research would reveal whether a company’s existing services are satisfying the
customers’ needs. Sometimes the research could indicate some malfunctions in
the products. In other cases, industrial research provides an opportunity to identify
ways of integrating new customer preferences into the product. For that reason,
the industrial research enables companies to release the existing products or
services but with improved features. Take the case of Microsoft that has been
improving its products over the years. The current Microsoft computers are
advanced compared to the first computer that the corporation manufactured.
Besides, the latest Windows 10 from Microsoft is better, innovative, and more
interactive than the previous versions thus improving the user’s experience.
Without a doubt, industrial research is a way for companies to find solutions for
problems affecting the products and services that already in the market without
producing new products.
Innovative Marketing Strategies
Another way corporate research is beneficial is the formation of innovative
marketing and sales strategies. Industrial research creates an opportunity to design
innovative marketing campaigns. The novel marketing strategies are part of a
company’s strategic plan. The presentation mentions that apart from being novel,
long-term, useful, and ambitious, industrial research is strategic. Therefore, the
first purpose of the innovative marketing is to use it to campaign for the purchase
of inventive products. Secondly, advanced marketing and sales approaches are
applied in informing customers about new features integrated into existing
products and services. Customers are interested in understanding the new features
that their favorite products have. A good example of a company that has utilized
industrial research is Facebook. Notably, Facebook introduced new advertising
platforms for smartphones.
Setting Trends
In today’s highly competitive corporate world, industrial research is necessary in
enabling a company to remain ahead of its competitors. In the research labs,
companies use scientists and engineers to determine what they can do to produce
products, services, and experiences that customers have never seen, received, and
felt before. Consequently, the companies that launch such products and services
become the leaders of their sectors. They invent advanced products and the other
players in the market follow. Apple is one of the companies that have been
making products that have never been made before by any technological
company. For instance, when Apple launched the iPhone, the company
revolutionized the way people communicate. The phone had features that have
never been included in mobile phones before. Afterwards, other technology
corporations started manufacturing phones that have iPhone’s features and
capabilities. Moreover, as a market leader, Apple initiated an iOS 11 that
recognizes when a person has entered a vehicle, closed it, and closes all the
messages and notifications to prevent people from causing accidents.
Financial Benefits
Companies also engage in industrial research to increase their revenues and
profitability. According to the presentation, profit making is one of the aims of
conducting research. Essentially, money is a reward for researchers and the
originating companies expect to gain financial benefits whenever they perform
research. However, the presentation mentioned that it might take years or even
decades for some companies to make profits especially big gains from industrial
research. Microsoft is a company that over the years has reaped big gains from
industrial research. Almost all of Microsoft’s products come from intensive
research and the corporation’s value has increased accordingly. Similarly, Apple
has been the most valuable company for some years because of its investment in
research and launch of creative products. Apple’s stock prices are high indicating
excellent financial performance and profitability.
Societal Impact
Another intention of carrying out industrial research is to have huge social impact.
Although the primary aim of a company is to conduct research for product
development and revenue increase, some organizations are also interested in
changing the world with new technology. The presentation reviews whether some
of the research conducted at Microsoft has produced social impact. Quantum
computing from Microsoft might have positive influence on the society in the
future. Microsoft succeeded in changing people’s lives when it launched personal
computers. People all over the world use Windows to do business, schoolwork,
entertainment, and other tasks that would not be possible without Microsoft’s
innovation. Since the beginning, Microsoft was founded with an aim of using
technology to transform the society. In the past decade, Microsoft launched
Kinect that is a transformative innovation. Initially, Microsoft wanted Kinect to be
a gaming product to enhance the way the user’s body interacts naturally with the
interface (Samsonowa, 2012). However, with time, people including musicians
and surgeons started using Kinect to do amazing things.
Sustaining Businesses
Research and innovation also helps struggling companies to sustain themselves in
the market. The presentation claimed that start-ups invest in research to grow their
existing product line. As the company continues to grow, it can start using
research for sustenance. Essentially, innovation allows businesses to create
inventive products or improve existing products and services. Some corporations
struggle financially or in increasing their sales and customer base. As a result,
some concentrate on conducting industrial research to launch new products or
make improvements to existing ones to retain customers and attract new ones. If
the products and services developed from the research are innovative enough,
then the company can gain financially and survive in the industry.
Market Opportunities
Industrial research also plays a fundamental role in opening market opportunities
for businesses. Introduction of new products and services can assist a company in
venturing into new markets. For instance, when Apple launched the Smart Watch
it attracted consumers who are health conscious. People wearing the watch can
monitor their everyday stress and the calories they burn. For that reason, Apple
gained new customers and entered new markets with the launching of an
inventive product.
Conclusion
Without a doubt, industrial research results in various benefits not only to the
customers and the corporations, but also to the whole society. The hypothesis still
stands since the evidence discussed in the paper demonstrates the numerous
benefits of industrial research. Notably, industrial research leads to development
of product lines and improvement of existing products and services. Industrial
research also creates innovative marketing strategies, financial benefits, and sets
new trends. The seminar presentation indicated that industrial research has been
declining over the years although it has significant benefits. The presentation also
showed that companies should engage more in industrial research not only to
enhance profits, but also to create huge impact in the society. Besides,
development, management, and commercialization of technologies and products
improve when industrial research is conducted.
Outline
1. Setting up the theme
The topic is how industrial research works in corporate world. Discuss how
industrial research is used to develop innovative products.
2.Developing the theme
Industrial research enables corporations to achieve different business goals.
Below are the benefits of undertaking industrial research in the corporate world:
a. Industrial research helps in the development of innovative products,
services, or processes.
b. Corporates can use industrial research to improve new features in
already existing products and services.
c. Companies can conduct industrial research to create innovative
marketing strategies that match the inventive and update products and
service they release into the market.
d. Industrial research can be used by corporations that intend to set trends
in their sectors
e. The corporate world benefits financially when companies carry out
successful industrial research
f. The products and services produced from industrial research can have
positive influence on the society
g. Businesses can apply industrial research for sustainability purposes
h. Industrial research creates new market opportunities for businesses.
Conclusion
Industrial research leads to development of product lines and
improvement of existing products and services. Industrial research also creates
innovative marketing strategies, financial benefits, and sets new trends. The
hypothesis still stands since the evidence discussed in the paper demonstrates the
numerous benefits of industrial research.
References
Samsonowa, T. (2012). Industrial research performance management: Key performance
indicators in the ICT industry. Berlin: Physica-Verlag.