Business Intelligence and Reliable, Global Patent Data

Jul 27, 2021

Global network
Modern data analytics have propelled the concept of business intelligence into the spotlight in recent years. Businesses slice and dice data from all sorts of sources, including those from customer relationship management systems, supply chain records, operations performance documentation, and marketing or sales analytics. This has allowed companies to identify ways to optimize their business performance, simultaneously increasing their revenues and cutting costs to improve their profit margins.

Patent Portfolios and Business Intelligence

Although companies are leaving no stone unturned when looking for types of data to improve their business performance, the information available from patent records often remains somewhat neglected and undervalued. Sure, companies that possess patents undoubtedly consider the value of their patent portfolios and maintain data on the revenue generated through licensing their patent rights. However, reliable global patent data, which can reveal technological trends, guide research and development efforts and inform competitive intelligence has been unattainable and therefore ignored by many businesses.

Learn more on how to transform patent data into intelligence here.

Difficulties in Patent Research

The way the patent world operates, it can be difficult for patent attorneys to answer seemingly simple questions for their clients. For example, for clients who need patent research conducted about a competitor, it can be difficult for patent attorneys to determine with certainty all of the countries in which the competitor has been granted patent rights or even the total number of patents in the competitor’s patent portfolio. Why is that the case? Competitor patents are often granted by more than one patent authority, which means their patent records are scattered among several unrelated patent databases that do not communicate with one another.

Searching for a competitor’s name in a patent database is usually not a reliable method of retrieving all of the competitor’s patents that exist in the database. A company name may be listed in patent records with varied spellings, capitalizations and abbreviations that can impact the effectiveness of a name search. They also commonly hold intellectual property rights in subsidiaries or affiliate companies that can fly under a patent searcher’s radar.

Data quality

Reliable Patent Analytics For Global Patent Data

Fortunately, the times are changing and the problems that promote poor data quality and incomplete information are now being addressed with modern business intelligence solutions. The LexisNexis® PatentSight® business intelligence platform enables users to access from a single search a network of more than 65 billion patent documents from patent authorities all over the world.

PatentSight patent data even includes relationships among patent records so users can access entire patent families regardless of how company names are listed or whether patents are held by subsidiaries. Patent attorneys can now rely on global patent data that can be easily dissected and interpreted with PatentSight visualization tools. Discover how to turn your search results into compelling visualizations here.

As pioneers in the field, and based on years of extensive collaborative research, PatentSight has developed a unique and industry-trusted approach toward ensuring consistent high data quality. To ensure state-of-the-art data quality, PatentSight® has a highly skilled team of experts who focus entirely, and only, on data quality. The team goes to great lengths to accurately determine: current accurate corporate structures, mapping historical company name changes, mergers & acquisitions, patent transactions, misspellings, and recognition of homonyms. A combined process of automated checks followed by manual quality control ensures that PatentSight global patent data is highly accurate and reliable.

Read the Handbook for Patent Data Quality to learn more about how PatentSight curates their patent database to enable users to extract reliable and actionable insights.

Patent analytics are becoming increasingly important in business intelligence analyses, and patent professionals can now play a greater part in providing valuable business intelligence to their clients.

Learn more about PatentSight here.

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