The term ‘R&D’ has been linked widely to innovation in the business world. More and more organizations are shifting their focus towards the Research and Development (R&D) of the company. But, what is R&D?
As Will Kenton writes in an article on Investopedia, “The Research and Development (R&D) include activities that companies undertake to innovate and introduce new products and services. It is often the first stage in the development process.
The goal is typically to take new products and services to market and add to the company’s bottom line.” The role of R&D is to inspire new research, adaptation of new models and review the current programmes or products.
With Research & Development rising in the trend of today’s business world, one cannot simply ignore the importance of R&D in management institutes, especially in India. Gone are the days when companies would try to follow one traditional model to achieve new heights in the business.
In an era such as the 21st century, organizations are actively looking for ways to stand apart and stay ahead from their competitors. The question, “What sets us apart from the rest?”, is what everyone is looking for in an organization.
Thus, the need for R&D in a company was felt and now almost every big company has a separate department for Research & Development.
Why is R&D essential for India’s every B-school?
R&D in a B-school can not only transform excellence in management education but it will also focus on several research pursuits that will enhance the institute and curriculum.
The following reasons can help us understand why an R&D cell/department in every Indian management institute is a must. The R&D cell in an Indian MBA college can easily bridge the gap between the academic and corporate world.
- Introduction to R&D before entering the corporate world will be an added advantage to the students.
- Students will actively think of unique ways to come up with a creative idea.
- Through R&D learnings, a future manager will always try to stay a step ahead of his/her competitors.
- Long-term skill development of the students that will also help their working organizations.
- R&D will ensure an increase in both the quality and quantity of research of the institute.
Benefits of R&D
The R&D department of a company can force the executives to question the relevance of their current products or profit strategy.
Similarly, an R&D cell in a B-school can force both faculty and students to focus on new teaching methods or curriculum that will prove to be beneficial for the institute and students in the longer run.
- Flexibility: Instead of trying to improve the traditional models of innovation, R&D facilitates the incorporation of new and advantageous concepts.
- Placements: Since R&D is a trending concept in the corporate world, companies will be excited to recruit candidates with exposure to the domain.
- Funding & Reputation: R&D can increase the scope of funding of the B-school from various fields depending upon the theme. This can also help the B-school in building a good reputation.
- Wide Scope: Research can be conducted in almost every field of management. This will, in turn, increase the number of research and journal publications.
- Expansion of Knowledge– Both faculty and students can learn a lot from the analysis, innovation, and insight.
- The focus always stays on the contemporary management practices and trends.
How International B-schools have incorporated R&D?
Apart from teaching technicalities of R&D, several international B-schools like the Asian School of Business have adopted the following methods to inspire student involvement in R&D.
- National Seminars
- International Conference
- Management Development Programmes
- Journal Publication
- Live Projects
- Paper Presentation
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