By Shayne Philllips ‑ April 26, 2021
By Shayne Phillips, Founder and Managing Member, Six Points Consulting
Patent data provides valuable information that isn’t available from other sources, yet many of the business, legal or technology stakeholders who it can benefit aren’t using it to inform their decisions or strategy.
Patent data can provide unique insights into:
Though the advantage available is clear, the path to realising it can be challenging. There is a wealth of available data, but the challenge is in extracting what’s valuable from what’s available, and crucially then refining that into actionable insights that are tailored to the needs of the stakeholder groups they inform.
With new patent applications breaking 3.2 million worldwide in 2019, the patent research professional is faced with an impossible challenge of understanding the contents of every filing and matching relevant documents that align with their stakeholders’ information needs.
Companies have many different reasons for categorizing their IP, and this is reflected by the wide range of patent taxonomies commonly used. For most companies it’s critical to have a system for quickly identifying patents that have claim language directly connected to profit generation.
However, for most companies, a very small percentage of their patents are ever truly commercialized, ranging on average between five and ten percent of their overall patent portfolios.
With less emphasis placed on how patents support their business results, companies will typically categorize their portfolios using approaches such as these:
Whilst combinations of these methods can be highly effective when evaluating your own patent portfolio, they are ill-suited to categorizing and mapping patents generated by other entities such as competitors.
So how can these traditional approaches to taxonomy be extended to also support your broader business strategy? One solution is to take a value stream approach. A technology-based taxonomy that maps each stage where additional value is added on the journey toward the end consumer – i.e. your R&D, legal and business stakeholders.
Join us on May 11th where we will present a six-step approach to creating a comprehensive patent monitoring program that not only delivers timely, comprehensive patent information relevant to specific stakeholder groups, but crucially also contextualizes this within your IP landscape to make it truly actionable..
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