How do you use data to support R&D feasibility?

1 Define your problem and objectives

The first step is to clearly define the problem you want to solve and the objectives you want to achieve with your R&D project. This will help you narrow down your scope and focus on the most relevant data sources and methods. You should also identify your target customers, competitors, and stakeholders, and how your solution will benefit them.

2 Collect and analyze data

The second step is to collect and analyze data that will help you answer key questions about your project's feasibility. Depending on your problem and objectives, you may need data from different sources, such as market research, customer feedback, industry reports, patents, scientific literature, or experiments. You should use appropriate data analysis techniques, such as descriptive statistics, hypothesis testing, or data visualization, to extract insights and trends from the data.

3 Validate your assumptions and hypotheses

The third step is to validate your assumptions and hypotheses based on the data you collected and analyzed. You should test whether your idea is feasible in terms of technical, economic, and market aspects, and whether it meets the needs and expectations of your target customers. You can use methods such as prototyping, simulation, or customer interviews to validate your assumptions and hypotheses.

4 Evaluate your risks and opportunities

The fourth step is to evaluate the risks and opportunities associated with your project's feasibility. You should identify the potential challenges and uncertainties that may affect your project's success, such as technical difficulties, regulatory issues, or market changes. You should also identify the potential opportunities and advantages that may enhance your project's value, such as innovation, differentiation, or scalability. You should use data to quantify and prioritize your risks and opportunities, and to develop mitigation and exploitation strategies.

5 Estimate your costs and benefits

The fifth step is to estimate the costs and benefits of your project's feasibility. You should calculate the expected costs and benefits of your project over its life cycle, taking into account the initial investment, the operating expenses, the revenue streams, and the external factors. You should use data to support your estimates and to evaluate the return on investment and the break-even point of your project.

6 Communicate your findings and recommendations

The final step is to communicate your findings and recommendations based on your data analysis and validation. You should prepare a clear and concise report or presentation that summarizes the main results and conclusions of your feasibility study. You should highlight the strengths and weaknesses of your project, the risks and opportunities, and the costs and benefits. You should also provide recommendations on whether to proceed with your project, and what are the next steps and actions to take.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?