On an average, a company invests around 39% of its total expenditure on Research & Development. The investment in the R&D Departments are necessary to keep the company abreast with the changing technologies. The success of R&D lies in alignment of research along with final product development.
R&D departments have been facing many challenges listed below:
- Keeping pace with the upcoming innovations coming from around the globe each day
- Lack of exposure of the R&D workers to real-time updates in technology trends across the world
- Lengthy process of idea evaluation
- A communication gap with the IP department
With the availability of machines to analyze petabytes of data in milliseconds, Artificial Intelligence (AI) is becoming the core of every business. The learning capabilities of the machines with the recent developments of machine learning algorithms are replicating the experts and accelerating the pace of innovation.
These technologies present a practical use of the R&D departments in following ways:
- Semantic and AI engine to evaluate their initial Ideas
- Suggesting new Ideas
- Reducing the gap between IP and R&D Departments
- Train Machines to extract intelligence from existing innovations
- Setting up coworker learning models within R&D to streamline research
- Shrink teams to increase efficiency and allocate to the machines
- Time optimization which boost up the product launch scenario