You're trying to innovate in your company. How can you tell if your R&D efforts are paying off?

“Customers always know what they want but they often do not know what they need.” R&D projects work the same way. You have to proactively engage, probe, test assumptions with your customers (i.e. business sponsors) to ensure you truly understand the fundamental issues you are trying to solve, rather than simply focusing on delivering what you are asked to do. SMART is important, but insights are gained through deep understanding of the underlying problem.

Quantification of Innovation is not straight forward but factoring in a contribution from innovation into SMART objectives for project delivery is important. Capturing the innovation as part of IP or publication that may be a part of the SMART goals is important!

To start any research and development (R&D) project, it is imperative, in my opinion, to have a clear understanding of your objectives and purpose. What issue are you attempting to resolve, and who stands to gain from it? Setting SMART goals—specific, measurable, realistic, relevant, and time-bound—is essential. These objectives will help you better coordinate your R&D activities with your company strategy and client demands. They will also give you a framework for monitoring development and assessing results.

Research and development (R&D) is frequently touted and labelled as the fundamental engine for creating sustainable innovations. Thus, the sustainable research can be achieved only by means of well defined objective. A distinction is often made between research objectives and research aims. A research aim typically refers to a broad statement indicating the general purpose of your research project. Your research objectives are more specific than your research aim and indicate the particular focus and approach of your project. Though you will only have one research aim, you will likely have several research objectives. Therefore, a well defined research aim and research objective can lead to the sustainable future.

The success of R&D efforts depends on the goals of the #company and the nature of #research being conducted. #Product development, its adoption, and long-term market value are some key indicators to measure the success of R&D in a company. In addition, we must also check for the number and quality of patents filed/granted, the impact of published literature, etc., when trying to innovate in a company. Moreover, our R&D efforts must lead to product optimization, cost reduction, and improved efficiency. Any research and development requires #investment. So, measuring return on investments is critical for the success of our R&D efforts within a company.

Simple - the contribution to EBITDA growth over a 5 year period. R&D should have positive return on investment at least comparable to the target return on capex - ideally higher

In custom manufacturing the key is customer feedback and satisfaction. The top CDMO’s proactively seek and are open to that feedback on R&D performance at all levels of the organization.

If we knew that all projects and tests we are performing led to successful outcomes, it would not be considered R&D. A significant portion of R&D work involves time and resources consumed by failed tests, which should also be acknowledged. Documentation of rejected projects leads to lessons learned that can represent savings for future projects.

Once your goals are set, selecting appropriate metrics is essential for tracking your progress effectively. Consider metrics such as return on investment (ROI), innovation rate, patent filings, customer satisfaction, and employee engagement. Balance quantitative and qualitative measures to capture various aspects of R&D performance, but avoid overwhelming complexity. Ensure chosen metrics are reliable, valid, and consistent to provide accurate insights into your R&D efforts.

Collecting and analyzing data is crucial for evaluating your chosen metrics. Utilize both internal sources like financial reports and project records, as well as external data such as market research and customer feedback. Employ suitable methods and tools like spreadsheets or software applications for data collection and analysis. It's imperative to maintain data accuracy, completeness, and currency throughout the process to ensure reliable insights into your R&D performance.

En mi caso creo que lo importante es establecer métricas específicas que revelen y reflejen el impacto en el rendimiento y satisfacción de mis servicios a los usuarios a quien se los presto.

Innovating at his/her company, s/he ensures effective communication channels are established to relay R&D results. Utilizing clear metrics and progress updates, s/he keeps stakeholders informed and engaged. By analyzing key performance indicators and soliciting feedback, s/he gauges the impact of R&D efforts, swiftly adapting strategies for maximum payoff.

Comunicar dentro de la propia organización y fuera de ella es imprescindible. mediante reuniones internas , e-mail, presentaciónes, así como canales externos como redes sociales, comunicación en publicaciones especializadas de su sector

De poco sirve que el área de I+D genere cantidades de datos si no son comunicados de manera efectiva a las áreas de Gerencia, Producción y Control de Calidad. Un nuevo producto debe ser reproducible en la planta de producción, debe ser rentable y debe cumplir con especificaciones técnicas. Deben estar bien comunicadas todas las partes involucradas, y debe existir un balance entre la calidad, la funcionalidad, la productividad y la rentabilidad del nuevo producto, y eso sólo se podrá realizar si todos los actores trabajan en equipo, cada área en su especialidad, pero todos como una sola empresa.

When considering R&D performance measurement, it's important to strike a balance between quantitative metrics and qualitative assessments. While quantitative metrics provide tangible data points, qualitative assessments offer valuable insights into factors like innovation culture, collaboration, and employee engagement. Incorporating both types of measures can provide a more holistic understanding of R&D effectiveness and drive comprehensive improvement strategies. Additionally, fostering a culture that embraces learning from both successes and failures can further enhance R&D performance over time.

Partnerships & collaborations: Assess the number and quality of partnerships or collaborations formed as a result of R&D efforts. Successful partnerships can lead to shared resources, expertise, and market access. Time to market: Evaluate the speed at which new products or features are brought to market as a result of R&D efforts. Faster time to market can provide a competitive advantage and increase the likelihood of success. Long-term strategic impact: Assess whether R&D initiatives align with the company's vision and contribute to its overall growth and sustainability. All these will help to assess the effectiveness of your R&D efforts and make informed decisions about future innovations & investments

Feedback is one of the best ways to know whether my efforts to uplift my company are paying. If my company is client-based (B2C), the process becomes easy and hassle-free to know if any new changes brought in the company are appreciated. In bigger companies (B2B), the financial aspects of the company, its growing shares etc are indicators of the same.

Definition of goals is very portant, and remembering always that a research is not done for itself - there is always a customer (internal to the company or external). If the R&D should be RELEVANT. If it's not - it is useless