If patent data is to drive valid insights and inform business decisions, information must be accurate. Tyron Stading, Chief Data Officer, CPA Global, discusses the role of a connected patent database and the wider business benefits of accurate patent information.
The analytics challenge
Patent analytics can be incredibly insightful for business. From inception to monetisation, patent data can influence each part of the intellectual property ecosystem, including: how a business competes in the marketplace; emerging trends; how new products can be brought to market quicker and how strategy should be adjusted to contend with competitors.
To gain insight from a company’s patent data, the information first needs to be resolved and connected to public data identifiers. Most patent data is recorded manually and is rife with typing errors, omissions, or out or date information. In addition, the data published by patent offices (or in other systems) can also contain errors, so matching datasets is difficult. If inaccurate and out of date patent data is used for analysis, any insights will also be inaccurate.
Connected patent data
Connected patent data refers to ALL patent information being stored into a usable format by companies for operations and analysis. This includes not only the standard information published by PTOs, but any other data surrounding a public patent document. Sharing information between agents, attorneys, service providers, and the company they support creates an efficient way to create and maintain IP rights. Simply put, this information today is dirty, stored in many places, and not make available to the ecosystem of vendors used throughout an IP process. By creating a way for this information (both PTO, company, and associated data) to be shared, many of the problems in the industry go away, allowing processes to become much more efficient.
Keeping information private
The reluctance to invest in connected patent data comes from concern about the time and complexity of incorporating the information. Not only is data historically inaccurate, but the mechanisms needed to ingest information are also difficult. Patent holders can also be concerned about contributing any information to a connected database for fear of giving away private information.
Better insights, better decisions
The best insight comes from clean data and we help our customers to cleanse and match patent records. The more information that can be correlated and connected, the more intelligent insights will be.
Customers can incorporate clean data and ingest connected patent information with IP One Data. We work with our customers on the specific scenarios they want to understand and investigate, then suggest how that information can be used to support different business decisions. Our IP intelligence software products enable companies to achieve the best possible return on IP investments through the ideas lifecycle.
Watch our recent webinar to ‘Why data accuracy is a problem worth solving’ here.