A patent is a type of intellectual property right that allows the creator/owner exclusive rights over their products and services. Patents recognize the original creation of an individual, institution, or organization. Intellectual property rights promote innovation by providing the innovators and creators with security and ownership over their services, technology, and ideas.
What is Patent Analytics?
Patent analytics is a term used to describe the process used to carry patent search and data mining. It also includes activities such as patentability search, prior art search, state of the art search, validity search, and novelty search. Patent analytics includes intensive research on existing patents or inventions. Patent analytics is carried out to understand the patentability of an invention before deciding to go ahead with patent filing.
Patent analytics when done by experts can help a business or person to understand the strength of their patents. It is very important before you patent an idea to find out any loopholes in the research process and eliminate them to be able to protect it under patent law.
The purpose of Patent Analytics
1. Businesses use patent analytics to help their organization evaluate their patent portfolio.
2. Patent analytics can also help in SWOT analysis which includes the components of strengths, weaknesses, opportunities, and threats. Using techniques of patent analytics, businesses can make informed decisions about licensing and acquisition of new technologies.
3. External analytics can help businesses assess their competition and the advanced technologies that they are using.
4. Businesses that enter a new technology often use business analytics to understand the market trends about products before investing.
5. A business that plans to increase their research and development efforts use patent analytics services to understand how effective is the research and then be able to build a strong and profitable patent portfolio.
5. Patent analytics can be used to identify new applications of existing patents.
6. Patent analytics can also be used to identify new potential patent applications for already existing patents.
Benefits of patent analytics in building effective business strategies.
1. Use of patent analytics for analyzing portfolio
To stay ahead of the competition company or business can analyze its portfolio and understand its strength and weaknesses to be able to make well-informed decisions.
2. Use of patent analytics to analyze the competition
Patent analytics can be used to compare the portfolio of your company with that of your competitors to gain insight into new product patents and design patents. Thus being able to incorporate practices that work for your competitors.
3. Use of patent analytics for technology evaluation
Using analytics tools, businesses can gain information about the latest trends and technology ruling the market space and make better decisions about their management. The information gathered through patent analytics can help with licensing and mergers.
4. Patent analytics can also be used in cost and budget analytics
For any business, budgeting is very crucial. It provides information about the costs that are incurred during patent prosecution. Using this information companies can analyze how to efficiently budget.
Patentskart provides best-in-class services in the analysis of technology and intellectual property and patent-related information. Some of the services offered by Patentskart are:
- Technology Landscape that allows businesses to understand the technology and how effective it is before investing.
- Whitespaces analysis to identify gaps in technology space that have no patenting activity and can be used to find new growth opportunities
- Competitor landscape to understand about your competitors in the market so that you can prepare a unique portfolio for your company that helps your company to grow
- Portfolio management servicesto assess the strengths and weaknesses of your portfolio and improve it accordingly.
- The patent watch allows you to track your competitors and new product patents and design patents and their activity in the IP domain.Through this service, you can keep track of all the patents filings by your competitors that are submitted at regular intervals of time.
- IP due diligence can help your business to assess the quantity and quality of IP assets.Due diligence can help to strengthen your portfolio and also understand the associated risks and benefits.
Patentskart caters to all your IP needs in one place and provides you with the best services that help you to grow your business.