While the majority of businesses agree that the introduction of new products and services is either fairly or very important to their success, over half of them do not use any type of IT software effectively to accelerate its research and development (R&D) process, a new study by YouGov has unveiled today.
The YouGov study, commissioned by Appian, interviewed 700 senior decision makers from small to large enterprises to explore the extent that British businesses value and are investing in research and development in 2016.
The study demonstrates that R&D does not share the same level of priority by the British business community as other growth markets around the world. The main keys to improving R&D that were identified as part of the survey include the perception of senior decision makers around cost and time implications, as well as technology's impact on those factors, as well as increasing investment in the form of people and money.
Respondents to the survey identified four other keys to improving the R&D process:
Unlock the power of technology: Only a tenth believe IT software tools are accelerating the testing of new products "very effectively," while nearly a quarter (22 per cent) characterize the use of these tools as not very or not at all effective. However, 41 per cent of respondents agree that access to more effective technology and IT software tools would improve the time-to-market of new products and services in their business
Additionally, the survey revealed that more than half of businesses of all sizes utilize Microsoft Office based applications as its IT software used to manage the development of new products and services. An additional 18 per cent said their business does not use any tools or software
Modernize data collection: Only a quarter (25 per cent) use digital customer relationship management for gathering data from customers to inform R&D processes. The majority of businesses rely on traditional methods such as customer/client meetings (50 per...