The Importance of Patent Analytics for Your Business Strategy

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.

Final Words

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.

 

Patent 300® Report Ranks Most Innovative Companies

WASHINGTON (February 13, 2020) Harrity Patent Analytics has released the much-anticipated publication of the annual Patent 300®.  The Patent 300® is a distinctive compilation of the top 300 companies, organizations, and universities in the patent field, based on quantities of issued U.S. utility patents.  It is considered the intellectual property industry’s premier resource for patent insight and competitive intelligence on the world’s leaders in technology.

Ranging from tech giants, such as IBM (#1) and Samsung (#2), to leading universities, like University of California (#67) and MIT (#121), and newcomers, including Nielsen (#207) and Pure Storage (#341), the Patent 300® represents 54 percent of the more than 350,000 U.S. utility patents issued in 2019.

Key findings and trends from the Patent 300® include:

  • A few notable mergers and divestitures occurred among Patent 300® companies in 2019:
    • IBM acquired Red Hat, further securing their place at the top of the list
    • Broadcom (#83) acquired CA, Inc., jumping from #118 last year to #83
    • Commscope (#89) acquired Arris, boosting them from #133 last year to #89
    • DowDuPont, #38 on the previous Patent 300® list, split into Dow (#96), DuPont (not ranked), and Corteva (#92)
  • Capital One (#79) jumped 127 spots on the list, more than tripling their issued patents from the previous year
  • 27 previously unranked organizations joined the Patent 300®, including Bristol Myers Squibb (#150), Tata Sons (#264), and Splunk (#269)
  • 20 previously ranked organizations dropped off the list, including Uber, Nintendo, and Symantec

This year’s Patent 300® includes an interactive dashboard in which users can filter data by technology area, art unit, and more.  The addition of this feature will allow in-house counsel, law firm partners, marketing professionals, and c-suite executives to quickly generate insight into patent portfolios, competitors, and technology areas.

“The interactive Patent 300® dashboard is an exciting new addition to the Patent 300® this year”, says Rocky Berndsen, Head of Patent Analytics at Harrity.  “This tool gives you the ability to easily find detailed patent prosecution metrics on thousands of companies and law firms with a few clicks of the mouse.”

The ranking of the top 300 companies, organizations and universities and interactive dashboard can be found HERE.

Access to the Patent 300® Premium Interactive Dashboard is available upon request.

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.

 

top patent firms

2019 Top Patent Firms List Announced

WASHINGTON (January 14, 2020) – Harrity Patent Analytics is pleased to announce the publication of its annual list of top patent law firms.  The “2019 Top Patent Firms” list ranks industry leading patent law firms based on the total number of U.S. utility patents issued in 2019. 

The 2019 Top Patent Firms list comes with some significant changes from years prior, including an interactive dashboard and exclusive metrics.  “We have collected and analyzed data on more than 300,000 patents obtained by over 3000 different law firms, which we have turned into an interactive online dashboard that allows users to filter data by firm, technology area, and USPTO technology center.  This gives both patent law firms and Patent 300™ companies a better understanding of who is obtaining the most patents in the U.S.,” explains Rocky Berndsen, Head of Patent Analytics at Harrity.  “We are also offering premium analytics that delve deeper into detailed patent prosecution metrics, giving law firms and Patent 300™ companies more insights into the robust analytics of specific law firms.” 

The Top Patent Firms dashboard includes patent firms that have obtained at least 50 U.S. utility patents where the patent firms are listed on the front of the utility patents. Company legal departments have not been eliminated from the list.  The full list is available here.

About Harrity Patent Analytics 

Harrity Patent Analytics, an analytical team within the boutique IP law firm of Harrity & Harrity, LLP, uses cutting-edge capabilities to analyze patent data and extract insights for clients to use when making strategic decisions regarding patent portfolios.  Patent 300™ companies rely on Harrity Patent Analytics services to understand their patent portfolios, the patent portfolios of their competitors, and patent office trends around the world.  For more information, visit harrityllp.com/services/patent-analytics/.