When it comes to making decisions about your IP portfolio, having sufficient information is critical to getting the full picture. This blog looks at the benefits that both breadth and depth of IP data bring to IP management and the evolution of accessing the right data.
Accessibility of intellectual property data and corresponding information has drastically evolved over the last four decades. The original, electronic patent databases were considered revolutionary when they first emerged in the 1970s and 80s. Those who’d previously been forced to slog through years’ worth of paper patents and microfiche to find relevant assets could suddenly unearth patent information from the convenience of a computer. The problem? Those databases were just that: a database. They weren’t designed to easily search for relevant assets. These databases were just for patents or trademarks. Reviewing a patent family or looking at a patent and its office actions to learn who had cited the document took extra hours or even weeks of manual effort.
Fast-forward to today, and the amount of data continues to exponentially grow. Meanwhile, those original databases that once seemed so transformative now seem antiquated. Standards in accessibility, accuracy, and interconnectedness are much higher, while those using IP data to make decisions expect moden technology to do much of the data gathering that used to be done by hand.
Over time, many products have emerged to help IP professionals find the data they need faster. Leading the charge has been CPA Global’s Innography® IP intelligence software, designed by an inventor seeking a better way to access and use IP data for business goals.
Innography’s algorithms and analytic capabilities are powerful for both IP professionals and business users, but that is only true because of our diligence to having the highest quality data that is both comprehensive and accurate. We use a big data approach to aggregate a wide variety of data beyond the world’s patents. It is no longer enough to look at patents alone or with various data flags, Innography is able to offer our clients the ability to interrogate and pivot the data to see the right IP portfolio or segment of a portfolio in the correct global business context. This is the business intelligence needed to make good decisions.
Unfortunately, many organisations remain wedded to the same search tools they invested in many years ago—tools that in many cases haven’t evolved to meet modern standards and often offer little more than when they first originated due to their legacy data infrastructure design that doesn’t have the flexibility required for modern big data approach.
Tools that offer a broad array of relevant interconnected data types and sources that allow you to take your IP analyisis deeper offer many benefits. Here are a few of them.
1. Greater EfficiencyConsider how you would approach scheduling an airplane flight. If you’re trying to fly from Atlanta to New York City, you’d most likely prefer to avoid a flight that includes a two-hour layover in Denver and then switching planes again in Detroit.
Likewise, a nonstop route is best for arriving at the data you seek. With modern IP analytics software, you can quickly sift through an entire comprehensive database to find all the information you need in one place, with one log-in, for one price, all at your fingertips. No more volleying back and forth from website to website, database to database, software to software. This, in turn, results in another savings benefit.
2. Cost Reductions
How many tools does your team currently use? Which ones are you using the most? Eliminating redundant tools or those that offer limited functionality can reduce costs. The breadth of data available in Innography, for instance, allows our customers to streamline their workflows and their IP analysis tools. Having consistency in tools across an organisation also creates more efficiency for training, onboarding new team members, and collaboration.
3. Time Savings
Time is a limited resource. Ultimately, it comes down to where you want to spend your time: collecting and fixing data or determining its value and taking action.
Many organisations spend too much time manually gathering and interpreting data—work they could avoid with tools that already do this for them. A corrected, correlated IP database gives you confidence in the information you’re analysing. After all, the less time you spend finding and trying to make sense of the data, the more time you can spend where it matters: answering business questions and determining how that data affects your organisation, your portfolio and your overall strategy.
4. Enhanced Brain Power
Your team is brilliant. They know your IP portfolio, the goings on at your company, your competitors, and the industry. When that knowledge and expertise is complemented with the ability to easily analyse and manipulate a broad and deep dataset, the insights found are not only unique to the analyst, but to your company. Armed with meaningful data to interpret and put it into action, IP professionals become data sources in and of themselves.
There’s a reason organisations across industries are constantly looking for better ways to access, aggregate, and analyse data: they know that the answers to many of their most pressing business challenges are contained within it. It goes to follow, then, that the easier it is to get to a more comprehensive range of data, the more answers you can find.