Research and Development
Should people relinquish research and development?
Research and development (R&D) is concerned with gathering knowledge and information to act as the basis for designing, improving and refining, processes, products, and services. It is also crucial in developing new products and services. Although it is clear that R&D is advantageous in society, some experts argue that it also attracts a lot of drawbacks hence generating debate whether it is generally advantageous or disadvantage to humanity. The purpose of this paper is to compare the advantages and disadvantages of research and development.
Advantages
Research drives innovation and inventions. Research refers to the process of collecting and developing new scientific knowledge to act as a guide to make decisions in improving processes, ideas, and techniques. This in turn leads to better products and services also referred to as innovation (Dincer, 2017). Better goods and services then lead to increased satisfaction among customers and clients who enjoy higher standards of living.
Running organizations. Research and Development is not only a key element of any firm but it is also essential in the effective operations of organizations (Benton, Watkins, Beasley, Ferguson & Holloway. Organizations use R&D as a tool to make better decisions, develop new ideas, design new products, and improve the existing ones. It is also essential in planning, initiating, and running projects successfully.
Political tool. Research and development is useful to decision-makers in political and influential positions. It helps them to understand issues that affect society, workplaces, or organizations. Positions such as house representatives, ministerial, and even presidential jobs are created to help solve challenges in the communities (Schut et al., 2017). As such, such positions involve making hard decisions that require accurate information about the issues. Without research and development, the leaders cannot execute their duties effectively. For instance, it would be difficult for the government to establish how much health care equipment to purchase without information on the severity and distribution of diseases across the country.
Disadvantage
High costs. Proponents of the abolition of research and technology argue that it is expensive. Additionally, transforming or translating the knowledge into production processes and services may also be costly (Habib, Abbas, & Noman, 2019). While this is true, the benefits that accrue in the future usually outweigh the cost although it is difficult to accurately determine them. Research indicates that the companies that invest heavily in research are also the most successful in their industries.
Creation of monopoly. Another disadvantage of Research is the creation of a monopoly. Sometimes resource and development is the source of a monopoly. Companies use the tool to develop unique knowledge leading to unique products. The Coca-Cola Company has dominated the beverage industry partly due to its hidden formula that gives its drinks a unique flavor. While such a resource is beneficial to the company, customers are forced to keep purchasing from the same manufacturer even other conditions such as prices are unfavorable.
In brief, Research and development is essential for the progress of most sectors, organizations, and institutions in society. It enables manufactures to constantly improve their products, helps politicians to make informed decisions as they execute their mandate. Although research and development is actually costly, it generates greater benefits for the future. As such, abandoning research and development would practically shut the society’s direction.
References
Dincer, I. (2017). Importance of research, innovation and commercialisation for technological success. International Journal of Research, Innovation and Commercialisation, 1(1), 8-22.
Benton, D. C., Watkins, M. J., Beasley, C. J., Ferguson, S. L., & Holloway, A. (2020). Evidence‐based policy: nursing now and the importance of research synthesis. International Nursing Review, 67(1), 52-60.
Habib, M., Abbas, J., & Noman, R. (2019). Are human capital, intellectual property rights, and research and development expenditures really important for total factor productivity? An empirical analysis. International Journal of Social Economics.
Schut, M., Andersson, J. A., Dror, I., Kamanda, J., Sartas, M., Mur, R., … & Velasco, C. (2017). Guidelines for innovation platforms in agricultural research for development: decision support for research, development and funding agencies on how to design, budget and implement impactful innovation platforms.