What is Research and Development (R&D)?

Research and development (R&D) is the process of modifying and improving a product or service during its initial developmental stage. R&D is often the first step in the development of innovative technological solutions that enterprises use to improve their business model, and is particularly critical for industries that involve complex design, engineering, software development, and technological applications. R&D is not only used to create and deploy products and services, but also to improve existing ones, meaning that R&D practices must be carried out in a detail-oriented, meticulous, step-by-step manner.