One of the business trends of the last decade has been a realisation of the value of data. Every business is now analysing more data than ever, and this is being used to drive efficiencies in supply chain, logistics and marketing. In fact, many of the fastest growing global brands rely on data, combined with artificial intelligence, as a core 21st century business model. One area that is sometimes overlooked is the insight that can come from IP data.
Data – evaluate and generate
Internal analysis of patent information can drive business intelligence and shape future innovation. IP insight enables an organisation to assess the relative strengths and weaknesses of its own portfolio and understand its position in a sector or industry. Internal analysis also helps a firm identify the patents it does not use which can then be sold for profit or disposed of.
Internal data is only part of the story. There is now increasing interest in data that is not generated inside an organisation, but that could still be used to drive business decisions. If, for example, a company has a 10% market share in one country, but does not operate in another, it might analyse the relevant market size, the competition and the strength of IP protection before making predictions about expansion. If looking to acquire ideas in a specific area, it might analyse the companies that own IP in that area for relevant acquisition targets.
External patent analysis is a valuable part of the mix that enables an organisation to predict where its competitors are going, which companies may be potential partners, and if there could be possible infringements - either on their part or a competitor’s.
Data – driving quality insight
Valid insights and informed decisions from data rely heavily on data quality. CPA Global company Innography has generated an industry-leading set of practices to ensure the highest data quality available for patent searches. PortfolioIQ merges private internal information with publicly available patent data, including disclosed patents which have yet to be filed. Displaying information in an intuitive interface, PortfolioIQ provides the flexibility and analytics needed to make intelligent business decisions about renewals, competitor activity and filings.
PortfolioIQ brings all the data together and creates one truth – a single source of information to identify and discuss records across multiple systems.
Combining available patent data is the first step towards complete coordination of the ideas lifecycle, propelling companies into the future of IP with improved information and insight.
Watch my video about the CPA Global IP Platform
