Leveraging R&D to revolutionise the industry
Research and development (R&D) are the foundation of every invention. Benchmark and meaningful products are always the results of extensive and meticulous research, which takes months, years, or even decades, especially the ones that cause a breakthrough in the market.
India today is racing towards becoming a trillion-dollar economy, and is emphasising on research and development more than ever! Due to factors like power growth, long-term employment prospects, and skill routes for millions of people, India has a significant potential to engage in the international market. But this can only be achieved when backed by extensive research.
Runaya considers R&D the foundation of each of our initiatives and its success as it is transformative and capable of fostering paradigm shifts in the industry. Let’s overview how R&D can change the metal and manufacturing industries and look at some of our efforts in this direction.
The impact of research and development on the industry
Experts suggest that companies should invest about 10-20 per cent of their gross profits in R&D. Still, the question that may arise here is why should companies devote such a large chunk of profits to R&D? R&D undoubtedly deserves a significant portion of the company’s earnings, as it can help it grow and expand in a variety of ways. Let’s explore some avenues that investing in R&D can open.
- Understanding customers and developing aligned products
Deep and organised research about the market helps companies understand their customers and their needs better. These insights can help them translate the understanding of the customer into developing relevant products.
At Runaya, we are researching and focusing on developing value-added products through customer needs, competition, sustainability aspects of the product, comprehensive understanding of potential technologies, challenges likely to be encountered in the future and more. Our team is engaged in high-level research in advanced raw materials. Simultaneously, we continuously assess alternate materials and resources to help enhance commercial value and sustainability.
- Achieving a competitive advantage
Companies with extensively researched products often stay at the top of the sales graph. Of course, it takes time, effort, and money to conduct thorough R&D. But the resultant product is way superior to products developed in a hassle or introduced only to gain an early market entry.
As mentioned above, Runaya conducts extensive research at our R&D centres in Jharsuguda and Silvassa before the product is introduced to the market. Our teams relentlessly work on innovations so that we can leverage the best sustainable manufacturing approach possible.
- Earning a higher return on investment
With actionable R&D insights from reliable sources, companies can develop products or solutions with a higher potential of succeeding within their target market. Such companies stand a better chance of earning higher returns on the money invested in researching the product and developing it based on the insights received.
Runaya’s approach towards developing customer and application-oriented products serves as an excellent example. While developing value-driven products, our team also ensures process and material optimisation to improve performance and save costs, thus paving the way to earning higher returns on investment. Additionally, we test to simulate real-time conditions. It helps us get a clear picture of the performance of a particular product and thus aligns it better to help optimise performance.
Runaya’s value proposition
In a nutshell, Runaya’s R&D focuses on a few essential factors like value, customer-centricity, product quality, and sustainability. We leverage various Industry 4.0 technologies such as AI, automation, etc., to achieve our objectives.
While bringing in transformations across each area, we’ve partnered with elite institutions like IIT Mumbai, IIT Jammu and IIT Kharagpur for research and innovations. Our collaboration with CUSAT (dept. of polymer science) and MG University will also help us derive value and contribute to our vision in the long run.
We remain a company driven by innovations and a holistic purpose of serving society better. We’ve always endeavoured to make our planet cleaner and greener. With our R&D efforts and innovation centre, we aim to be the resource sector’s one-stop solution.