What is research and development (R&D)?
Research and development (R&D) refers to the activities that businesses engage in to:
- develop and introduce new products and services or
- innovate and improve on existing products and services
R&D can be an invaluable tool for building and enhancing your business. It involves conducting a thorough investigation into your industry, your competitors, and your customers and uncovering the data and insights that are most important to your company. Armed with this information, you can be more strategic and better informed for meeting the needs of both your customers and your organisation. So, finding this type of accurate, complete information in a timely fashion is essential to making smarter, more impactful business decisions.
Why are data and insights important for your R&D strategy?
- paint a more complete picture of the industry landscape, of a competitor, or of a particular individual
- identify existing or emerging trends
- unlock new business opportunities
- build successful strategies so you can confidently make the right decisions for your organisation
What’s more, data provides crucial insights into the factors influencing your business not just today, but also well into the future. Equipped with this knowledge, you’re in a much stronger position to create long-term value for your customers, markets, and relationships.
What kind of data do you need for your R&D strategy?
- questionable sources
- outdated information
- fake news or misinformation
- inconvenient paywalls or other research dead ends
- information gaps or, conversely, content overload
In today's information-on-demand age, traditional search engines and general online research just won’t suffice for a robust R&D strategy. You need a smarter, more efficient approach, one that:
- avoids these internet obstacles
- takes your research beyond the one-dimensional and draws from wide-ranging, first-rate sources
- indexes and filters the research, so you’re getting only the data that’s most important to your organisation
- turns that data into actionable insights that strengthen your decision-making and help you achieve your business objectives
So, it’s not about just any data – it’s about the right data. Trusted, well-vetted, and comprehensive information is critical for robust R&D. That means knowing where to get such valuable data and having the research tools in place to deliver it are key to developing a successful R&D strategy.
LexisNexis has innovative resources and tools to help you boost your research effectiveness and support your R&D strategy. We pride ourselves on delivering a world-class suite of comprehensive content that researchers can rely on to deliver the right results – every time. Our solutions provide access to critical, global content that includes market and industry information as well as regulatory data and archived news that will drive intelligent, informed decisions for your business.
Nexis® supplies content from the world's leading publishers. It aggregates information from more than 40,000 international news and business outlets, as well as from thousands of business-relevant websites, blogs, and forums. Tens of thousands of sources and millions of documents are at your disposal for company research.
It enables you to search this expertly curated content for all the relevant, credible, quality information you need – all in one place – and access reports, data, and info that’s often locked behind a paywall. You can organise and keep track of your research using alerts, personalised dashboards, reports, and customisable analyses.
Plus, the Nexis® archive dates back more than 40 years, so the tool provides results that can serve up the big picture – not just today’s headlines. And Nexis® adds to its archives every minute, every hour, every day.
Add to this our powerful indexing, filtering, and analytics functions, and you can be confident that your research will lead you to actionable insights and drive informed, impactful decisions for the benefit of your business.