The Challenges of Optimizing Return on Research Capital (RORC)
Published Feb 17, 2023
Photo by Joshua Mayo on Unsplash
What is RORC?
The world is evolving at a rapid pace, and technology is advancing like never before. The ability to innovate and produce new products is a critical aspect of business success, and research and development play a significant role in this. Companies need to invest in research to remain competitive in their respective markets, but they also need to ensure that the investment produces the desired results. In other words, companies need to be able to calculate the Return on research capital (RORC) to justify the investment and ensure that they are allocating resources efficiently.
Traditionally, companies have measured the success of their R&D efforts by looking at the number of patents that they have filed, or the number of products that they have successfully launched. However, these metrics do not always accurately reflect the value that R&D can bring to a company. RORC, on the other hand, takes a more holistic approach, measuring the value of research not just in terms of products and patents, but also in terms of the insights and knowledge gained through the research process.
How Can it Be Measured?
Return on research capital can be measured in a number of different ways, but some of the most common metrics include the number of research insights generated, the number of research collaborations established, and the number of new ideas and innovations developed. By focusing on these metrics, companies can gain a more accurate understanding of the value of their R&D efforts, and can make more informed decisions about how to allocate their resources.
What are the Challenges of Improving RORC?
One of the key challenges that companies face when trying to improve their Return on research capital is access to high-quality research insights. While universities and research institutions are often on the cutting edge of new developments and discoveries, it can be difficult for companies to gain access to these insights, particularly if they are not already engaged in research collaborations with these institutions.
Utilize NotedSource to Optimize RORC
This is where NotedSource comes in. NotedSource is a platform that connects companies with leading researchers and professors at universities around the world. By joining NotedSource, companies can gain early access to the latest research insights, and can collaborate with researchers to develop new ideas and innovations.
One of the key advantages of using NotedSource is the platform's ability to connect companies with researchers who are working on topics that are directly relevant to their business. By using sophisticated algorithms and machine learning models, NotedSource is able to match companies with researchers who are working on topics that are of particular interest to them. This means that companies can get early access to research insights that are directly relevant to their business, without having to spend time and resources searching for the right researchers themselves.