The State of Business Enterprise Research and Development in 2021: Highlights from the Latest Survey Results
Business Enterprise Research and Development (BERD) is a vital aspect of any thriving economy. It is an essential element in driving innovation, enhancing productivity, and ultimately, maintaining competitiveness. In the last year, the impact of COVID-19 has been felt globally, bringing into focus the need for businesses to pivot and adapt to the new environment.
The latest survey results show the state of BERD in 2021, highlighting the areas that businesses need to focus on to stay relevant. Here are the key takeaways:
1. The pandemic forced businesses to reevaluate their priorities
The pandemic has had a profound impact on businesses of all sizes, forcing them to reevaluate their priorities. According to the survey results, about 33% of businesses reported that they had to re-prioritize their R&D spending due to the pandemic. This figure was higher for smaller businesses that do not have the same level of resources as their larger counterparts.
2. The shift to digitalization is accelerating
The shift to digitalization was already underway before the pandemic, but the survey results show that it has accelerated in 2021. About 51% of businesses reported that they are investing in digital transformation initiatives, with a focus on artificial intelligence, automation, and machine learning. These technologies are seen as crucial in enhancing efficiency, reducing costs, and improving customer experience.
3. Sustainability is a growing concern
Sustainability has become a growing concern for businesses, with many prioritizing it in their R&D spending. About 44% of businesses reported that they are investing in sustainable initiatives, with a focus on reducing waste, improving energy efficiency, and adopting circular economy practices.
4. Collaboration is key
Collaboration has emerged as a crucial factor in driving innovation in 2021. About 67% of businesses reported that they are collaborating with external partners, including universities and research institutions.
5. Challenges in BERD still persist
Despite the progress made in BERD, there are still challenges that businesses face. About 42% of businesses reported that they face challenges in accessing finance for their R&D initiatives, while 36% reported a lack of skilled labor.
In conclusion, the state of Business Enterprise Research and Development in 2021 is characterized by a heightened awareness of the need to adapt and innovate in light of the pandemic’s impact. Digitalization, sustainability, and collaboration have emerged as key trends shaping BERD. While there are still challenges to overcome, the survey results present a clear roadmap on where businesses need to focus to stay competitive in this dynamic environment.
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