What is an R&D Strategy?
An R&D Strategy is the complete process that defines an organization's approach to research and development, from the planning phase to its execution and tracking. It serves as a roadmap to guide the R&D efforts and investments of the company and links them back to the overall objectives and goals of the organization.
What's included in this R&D Strategy template?
- 3x R&D Focus Areas
- 7x R&D Objectives
- 20x R&D Projects
- 10x R&D KPIs
Who is this R&D Strategy template for?
This R&D Strategy template is aimed at employees working at companies of all sizes and industries who are looking for a template to execute their R&D strategy. It is designed to provide a comprehensive framework for assessing the current state of R&D, setting goals, and designing and executing an R&D strategy that has the potential to drive success.
How is this R&D Strategy template relevant to your organization?
This R&D Strategy template is relevant to your organization because it can be tailored to fit the specific needs of your company. It will enable you to build and execute your strategy based on your focus areas or priorities and shape an R&D strategy that will have the greatest potential to add value to your organization.
1. Define clear examples of your focus areas
Focus areas are broad categories used to group problems or challenging areas within your organization. Creating focus areas helps guide your organization on what areas are a priority to work towards. If you’re struggling for inspiration, try to think of the categories within your organization that you want to focus on and start creating strategic focus areas from there.
Examples of strategic focus areas that could fall under a R&D Strategy could be: Tech Transformation, Security and Compliance, and Lead the Evolution.
2. Think about the objectives that could fall under that focus area
How could you best encapsulate this focus area? What goals could you set and act upon to achieve a positive result in this focus area? These are the sorts of questions you want to answer when thinking about setting up objectives. A strategic objective usually has to be specific and measurable to cause enough impact and effectively explain what you want to achieve.
Examples of some objectives for the focus area of Lead the Evolution could be: Decarbonization of the company; Research and evolve in new segment of our market; and Lead the shift in new trends of the industry and technologies with best-in-class talent.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are important metrics that make sure that you can accomplish your business objectives. KPIs not only take into account numerical measurements to help track your progress but also enable you to review the performance of your goals so you can accordingly make adjustments in your execution to achieve your strategic goals.
An example of a KPI for the objective Lead the shift in new trends of the industry and technologies with best-in-class talent could be: Increase number of deep-tech engineers hired to 50 people.
4. Implement related projects to achieve the KPIs
Projects can help you and your team understand how to adapt, improve, learn from, and better implement processes that can help you achieve your end strategic objectives.
An example of a project to enhance "Lead the Evolution" within your organization could be: Research market and analyze the trend of low, mid, and high segments; and Establish an AI department.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Make sure your strategy is front and center with Cascade. You can plan, execute, measure and adapt your strategy in one easy-to-use platform and make sure your strategic plan is connected to on-the-ground execution.
Get inspired by this R&D Strategy template and launch your strategy in Cascade; it’s $0 forever.