When a company or organization launches a new product, a patent is usually the first published evidence of the invention in the public domain. Patents are essential protections for any innovation-driven company that has a substantial Intellectual Property Rights (IPR) culture.
A patent protects the right of the inventor company to use their product, thereby preventing others from using the invention. Today, patents have become critical factors for businesses to get an edge over their competitors. Patent analytic tools are being used by organizations for various purposes, including development of sound business strategy.
How Does Patent Analytics Help Businesses?
Patent analysis helps businesses in many areas, both internally and externally. For instance, internal patent analytics helps organizations assess their own patent portfolio.
Further, it can assist in SWOT (strengths, weaknesses, opportunities, and threats) analysis. With patent analytics, companies can make informed decisions regarding licensing and acquisition of advanced technologies.
External analytics, on the other hand, provides information about competitors and the technologies they use.
Let’s discuss the benefits of patent analytics for business strategies in detail.
1. Portfolio Analytics
To stand out amongst the competition, you must understand your organization’s patent portfolio. Analyzing your company’s portfolio reveals valuable insights; you get a clear picture of your strengths and weaknesses. Doing so allows you to make well-informed business decisions.
2. Competitor Analytics
Another advantage of patent analysis is that it allows you to compare your own patent portfolio to those of competitors. Competitor analytics offers valuable insight into competitor business strategies and partnerships. Patent analytics helps you understand what is working for your competitors and what mistakes you should avoid.
3. Technology Analytics
Analytics tools keep you up to date on where your business and competitors stand in the dynamic landscape of technology. This information allows you to make better decisions regarding portfolio management and fosters stronger client relationships.
Field-relevant technology know-how helps identify market needs. Patent analysis provides researchers and inventors with valuable technological information needed to find innovative solutions to technical problems.
Additionally, patent analytics helps with licensing, mergers, and acquisitions. Patent data can provide a comprehensive, technical portfolio view for technologies and companies in consideration for licensing or acquisition and helps shorten the list of choices.
4. Cost and Budget Analytics
Budgeting and wise resource-management is crucial to strong business strategy. Analytics provide detailed information on costs occurred during patent prosecution and maintenance periods. This information helps identify problems, cut costs, and spend your budget efficiently.
5. Automated Portfolio Categorization
Patent portfolio categorization dashboards, such as those created by Harrity Analytics, are automated systems that categorize patent portfolios according to your business’s self-determined technology areas. These tools can additionally perform a competitive analysis of the key players in your niche industry areas.
Whether you are starting a new business, developing a new product, pitching a new client, planning a merger, or just trying to stay ahead of the competition, patent analytics is crucial to ensuring you are on the right track and building a sound business strategy.
Harrity Patent Analytics services can help you manage your patent profile, gain insight into your competitors’ portfolios, and understand patent trends around the world. Harrity Patent Analytics can help you make patent prosecution decisions and refine your business strategy. To view a list of Harrity Patent Analytics services or request your own customized reports, visit https://harrityllp.com/services/patent-analytics/.
About Harrity Patent Analytics
Harrity Patent Analytics, a team of professionals within the boutique IP law firm of Harrity & Harrity, LLP, uses cutting-edge capabilities to analyze patent data and extract insights for strategic decisions regarding patent portfolios. Patent 300® companies rely on Harrity Patent Analytics services to better understand their own patent portfolios, those of their competitors, their key technology areas, and to keep track of patent office trends around the world. For more information, visit harrityllp.com/services/patent-analytics.