Research & Development stands as one of the most important areas of corporate affairs. The basic foundation of a company in terms of its technical and organizational know how grows with the help of research and the development that follows. It plays a vital role in defining the progression of a corporate entity and places it at the forefront of an industrial setup. Research & Development sets the pace of a company’s growth along with other organizational inputs.
What needs to be kept in mind is that R & D is an overwhelmingly expensive affair and very detailed studies are done in order to minimize risks involved in such R & D investments. Realizing its importance, its critical that we understand what Patent Analytics is and how has its role emerged in defining corporate strength.
The role of a Patent Analytic is to furnish a comprehensive overview of the entire patent publications of the subject technology at hand. Every known information which surrounds the particular intellectually protected technology finds its way into Patent Analytics serving multiple purposes. An in-depth analysis is compounded to guide corporate entities in setting their moves in legal, technical and business areas through tailored strategies specific to the patent technologies.
In very simple terms, a patent analytic helps the corporate world in formulating business strategies based on the analysis of the patent information studied though various analysis tools to benefit both monetarily and otherwise. The knowledge of which patents are already in the market is vital before deciding on the research and its development because of the huge investment it needs and this is where the Patent Analytic comes into picture for strengthening corporate R & D.
Evaluating a company’s patent portfolio and the potential revenue benefits that can be derived through exploiting the set of legal rights from the existing patents is one of the primary analytical tool that positively pushes companies to streamline in an existing domain of technology and find gaps and white spaces and therefore recommend investments in there R & D and establish complete dominance in a particular technology.
Patent Benchmarking assess the strengths and weaknesses of a patent portfolio against those of competitors. Comparing patenting activity which provides insight into the competitors R&D pays the way for corporate entities to self analyze and strategize their corporate moves and setup time lines for Research & Development to be apace with competitors and the technological trends.
Corporate Research & Development is also defined by the growth of the corporate entity in terms of organizational collaborations and affiliations. Patent Analytics help us in establishing these new contacts on the basis of similar patent technology analysis and help in providing additional revenue generating services to existing clients.
Analysis such as Design around and Freedom to Operate, where engineers, scientists and the management work together to avoid infringement of competitors patents also gains as an important tool in the kit of a patent analytic. Searching analysis which include searches such as patentability and validity searches also establish the foundation of a product’s validity for its research and development initiation.
Services of Patent Intelligence reports which reduce risk by quickly & easily revealing competitive threats to a company’s patent protection and also litigation services which evaluate a company’s current and future litigation positions by installing policies that will significantly reduce the likelihood of being sued is yet another role that a Patent Analytic plays in corporate R&D.
Very simply, a patent analytic in its complete potential plays a wide role in Corporate Research & Development by providing a series of services such as
1.Fast and focused data on patent quality to help make the right management decisions in a timely manner
2.Analysis of patents by a wide array of factors to negate manual self analysis, saving considerable amount of time and money
3.Furnishing details to easily compare the patent with competitors’ patents in similar fields
4.Presentation of data in easy-to-digest reports that can be downloaded straight to a computer
5.Offers all the flexibility needed to customize reports with exactly the data you need and more
6.Puts the expertise of recent economists and scientists right on your desktop
7.Gives an edge over a competition
Therefore, with this huge a role of a Patent Analytic in corporate research & development, it is vital that R&D firms start to recognize the need of patent analytics and employ the services in their decision making to be firmly vectorial in their research and development directions and gain immensely for maximum and efficient R & D output.