By Vinod Singh
Intellectual Property is gaining the attention of all industry sectors in recent few years. In today’s hypercompetitive environment, it is essential for organizations to gather competitive intelligence from different informational sources. Patents are one of the most organized and easily accessible competitive & technological information sources. Patent intelligence is the transformation of content found in multiple patent documents into technical, business and legal insight and is a key element to gain competitive advantage.
Patent intelligence can provide so much more to a skilled business stakeholder, whether in a legal, R&D, strategic or business development role. Patent information can be used to anticipate market entry, understand technical and business white spaces, identify licensing and sales targets, and assess competitor strengths, weaknesses, opportunities and threats, among many other lucrative uses.
It has been found that more than 80% of the information in patents cannot be found anywhere else. The importance of patent intelligence in technical and competitive monitoring of competitors activity can not be overlooked, since patents are a recurring output of the innovations in competitive environment. The information available from looking across patent filings provides unique perspectives on:
The information available from looking across patent filings provides unique perspectives on:
Who - Relationships between inventors, companies, attorneys, etc.
When - Invention trends, assignment trends, research trends, etc.
Where - Geographic inventor output, geographic assignee output, regional strengths/weaknesses.
How - Approaches, technologies, mechanisms, uses, advantages, etc.
Why - Motivations, applications, improvements, opportunities, investments, etc.
Patent Intelligence provides information about specific conditions in relation to technological or market-related development, which is very useful for the decision makers in tracking competitors activity and new innovation trends.
Vinod Kumar Singh
Content Writer - IP/Patent Intelligence
Article Source: EzineArticles.com/?expert=Vinod_Singh