Applied research is a type of investigation that seeks to solve practical problems and provide innovative solutions.
It is conducted to find practical applications for existing knowledge. It can include the development of prototypes, pilot plants or other forms of experimentation. Applied research focuses on developing new products, processes or services that can be used in the real world. The goal of applied research is to develop solutions to existing problems. It involves taking existing knowledge and applying it practically to create something new.
This type of research often requires collaboration between multiple disciplines, such as engineering, technology, business and economics. Applied research differs from basic research, which focuses on understanding fundamental principles without looking for immediate applications.
Applied research typically occurs after basic research has been conducted and results have been obtained. Applied research often involves testing hypotheses or theories to determine their validity or usefulness in solving a particular problem or issue. The investigation results are then used to decide how best to proceed with further development or implementation.
- Business Model Innovation. A process which seeks to create value by developing and leveraging new business models using creative but rational approaches.
- Disruptive Technologies. Technologies that can potentially disrupt and replace existing products, services, or business methods. Examples include artificial intelligence, robotics, autonomous vehicles, 3D printing and cloud computing.
- Data Analytics. The use of quantitative methods to analyze large datasets to identify patterns and make decisions. Examples include predictive analytics and machine learning algorithms.
- Economics. The study of how individuals, businesses, governments and societies allocate resources to produce goods and services within a given context. It also examines how these decisions affect markets and prices.
- Emergent Technologies. New technologies that have recently emerged with the potential to shape our future. Included are mobile phones & apps, biotechnology & genomics, nanotechnology, virtual reality & augmented reality (AR/VR), big data & analytics etc.
- Knowledge Engineering. The systematization of knowledge used in the design of complex systems such as expert systems or decision support systems (DSS). This includes developing methodologies for representing knowledge to build more effective computer-based solutions that can reason with uncertain information.
- Process Innovation. Improving existing processes through increases in efficiency or effectiveness due to changes in technology or culture; it also includes rethinking standard management tools firms use to optimize results at minimal costs with minimal effort from the personnel involved.