The Power of Patent Intelligence
Posted April 17, 2017| Vineet Vallam
In the business world, few resources exist that paint a clear picture of technology trends, competitor R&D initiatives, and new innovations. Patent research and intelligence can enable companies to leapfrog competitors and be foundational leaders in technology domains that have yet to materialize.
By elevating the role of Intellectual Property (IP) analytics, resourceful companies are seizing the wealth of information sewn into every patent to become more informed and, subsequently, to formulate better business strategies. Conducting the right amount of patent research could also be a cost-effective and impactful way to improve the strategic planning process.
Experts corroborate the effectiveness of patent research and data analysis, as recent insights revealed that firms that use patent analytics extract higher strategic and financial value from their patent portfolios.
“Patent intelligence” is the coined term for the process of garnering business and legal market insights from patent research to support corporate decision-making. An essential mainstay of patent intelligence is the analysis of competitors’ patent portfolios.