Comprehensive business intelligence requires data from multiple sources. To fully understand the competitive landscape and your place within it, you need a deep understanding of internal and external factors, including your customers, sales, processes, industry, and competitors. This data comes from a variety of sources; one of the less obvious may be an advanced patent search.
Keep in mind that data alone does not equal actionable business intelligence. Rather, understanding the business landscape requires finding patterns within your data, using tactics like visualizations and predictive analytics, to uncover insights. These tasks are a job for AI, making the technology a critical trend within the business intelligence industry.
Patent landscaping is an effective way to analyze the data available within your IP assets and your competitors’ patent portfolios and extract the types of insights that guide business strategies. Patent data includes multiple categories of information essential to business intelligence mapping, including competitive intelligence and market growth. Organizations can use a targeted patent search to determine how and to what extent competitors are protecting their innovations in specific areas of technology.
IP.com’s InnovationQ Plus® offers executives, strategists, and investors an intuitive database designed to unlock hidden insights from within the patent landscape. Natural language processing allows for semantic searching and ensures you find all relevant patents and non-patent literature within the database. InnovationQ Plus also offers patent mapping for a customizable visualization of the patent landscape that can be segmented by company, date, or other criteria.
Actionable Business Intelligence
With the help of AI, businesses can answer questions they didn’t even know they had about the competitive landscape to generate revenue and mitigate risk. When paired with human decision makers, patent analytics provide business intelligence across five strategic areas:
1. Cost Optimization
Does your portfolio contain patents with little or no value? Instead of paying to maintain the assets, look for companies in other markets that can make better use of them and would be willing to purchase them. Think of it as spring cleaning: an annual exercise to clean out non-strategic IP in which others will find value.
Landscaping can be helpful in identifying clusters of patents that are forming around your core IP. If large numbers of patents adjacent to your core patent are getting rejected, for example, it’s a likely sign that infringement activity is already taking place. You can use that insight to bring potential infringers to the table for licensing talks or to block competitors from entering the space.
The patent landscape can help business strategists identify predictive patterns that show the pace and direction of patent activity in core areas. A comprehensive picture of competitor activities can help you identify opportunities to license patents that improve your portfolio or R&D efforts. You can use similar techniques to identify targets for licensing your less-critical patents.
Mapping patents over time can uncover important market or technological shifts and identify white space opportunities for new products or features. Predictive analytics enabled by landscaping exercises can help you get ahead of market trajectories instead of lagging behind them.
Patent landscaping can help with the due diligence process for mergers and acquisitions. Mapping a potential acquisition target’s patents against your company’s portfolio can show how the patents align with or can strengthen your own portfolio.