The objective of research and development (R&D) in a small or mid-sized business is to obtain new knowledge, applicable to your business’s needs. This knowledge can improve products, processes, systems, or services that can increase your business’s sales and profits. R&D can be conducted in-house, under contract, or jointly with others. In-house R&D commands a strategic advantage since the business is the sole owner of the know-how created and can protect it from unauthorized use. However, the rise in popularity of outsourcing business functions in the last several years has increasingly included R&D.
Business leaders see a number of benefits in outsourcing R&D:
- the outsourcing firm may have more expertise,
- the business may have a shortage of manpower,
- outsourced R&D can be less expensive,
- and it may mean a faster time to market for a product or service.
R&D services mostly cover component innovations, design, new process innovations, new product innovations, and software design. Foxconn DRC partners with technology providers and continuously invests in developing its own technology capabilities. These activities fuel centralized R&D centers that offer joint-design and joint-development services. In an era in which time to market critically determines whether an OEM of consumer electronics can sell products or not, R&D capabilities have become an important part of Foxconn’s portfolio. Foxconn DRC team flexibly supports manufacturers in continuously delivering innovations to the electronics market.