Expanding Roles with Patent-Driven Business Intelligence

Jul 26, 2021

Business Intelligence Cityscape
Patent attorneys wear many different hats as patent drafters, prosecutors and problem solvers, but their role as an advisor outside of the patent process is often overlooked. Patent professionals have knowledge and experience that can be applied to help their clients better understand their company’s value, find ways to monetize it and run their businesses like well-oiled machines. The LexisNexis® PatentSight® business intelligence platform provides professionals with actionable insights from patent analytics that can inform the advice and counsel relied upon by their clients.

Weighing In on Business Opportunities

Depending on a client’s objectives, either licensing their existing patent rights or acquiring another business with valuable patents can be catalysts for growing business. Patent practitioners know that for clients to make the most of their patents, they should begin by determining the potential of each of the patents at issue.

PatentSight® arms professionals with sophisticated metrics that allow them to objectively determine a patent’s value. A patent’s Competitive Impact™ takes into account how influential the patent has been since being filed based on how many times it has been cited in subsequent patent applications. It also takes into account the market sizes of the geographic areas where the underlying invention has patent protection to help better understand the patent’s monetary value.

For more on Competitive Impact, read Tesla’s Shares Overtake General Motors’. How do their technologies compare?

From there, clients can move on to finding potential licensees who can make use of their most valuable patents. The PatentSight business intelligence platform can assist users in finding prospective licensees by identifying the technical relationships between a client company and other companies listed in the world’s patent archives. Alternatively, if a client is considering an acquisition, they can use Competitive Impact values to better understand how they can make use of a potential acquiree’s patent portfolio and can use that information to negotiate the terms of an acquisition more effectively.

Learn more on how to determine which patents are most suitable for licensing here.

Portfolio size chart

Use Business Intelligence to Develop a Competitive Advantage

Patents can give clients a competitive edge, but to find and use that edge they need to first understand their position among their competitors. PatentSight Benchmarking Reports provide business intelligence with key insights regarding the strengths and weaknesses of the patent portfolios of clients and their competitors. By understanding a client’s relative position among competitors, professionals can advise on how to make the best use of any patented advantage they may have. On the other hand, if the client is at a competitive disadvantage, then patent professionals can use PatentSight to identify technological trends to help guide the client’s research and development efforts to claim an advantage.

Download the use case Using the Patent Asset Index™ for Patent Portfolio Benchmarking to see why an in-depth analysis of patent information is irreplaceable when benchmarking the best practices in Intellectual Property management.

The value provided by patent attorneys extends far beyond patent prosecution.  Patent professionals have many roles, including their role as business advisor. The PatentSight global patent data, advanced performance metrics and visualization tools empower patent professionals to develop business intelligence to help clients grow their businesses through their patent rights.

Key insights chart

Learn how LexisNexis® PatentSight® has developed a unique and industry trusted approach toward ensuring consistent high quality data.

See how patent data can be used as an offensive and defensive strategy.

Would you like to get more insights into PatentSight Business Intelligence?
Please fill out the following form. We will get in touch with you to arrange an appointment for a webmeeting.
We would love to get to know you and show you some invaluable insights into the IP landscape:

• Let’s have a conversation about your current priorities in IP analytics

• Get an external view on your portfolio

• Learn how others see you and survey your market companions from a new perspective

Prior Art Research

Conducting prior art research before filing a patent application can have a profound influence on patent strategies and outcomes. Not only can understanding prior art help to determine whether an invention is patentable, but it can also inform how a patent application...

Patent Analysis Tools for Objective Application Review

Why is it so hard to be objective when reviewing our work? For patent practitioners, a comprehensive, objective application review before it is submitted to the USPTO—a check on both substance and form—can help to avoid many headaches down the road. Yet, despite the...

The Rise of Systemic Abuse Networks

A version of this article originally appeared on Appdetex.com. It’s no secret brand abuse is on the rise. To get a clearer picture of the nature of this increase, Appdetex examined domain enforcement activity from a sample of their clients.  They found that, on...

Patent Data Quality for Reliable Legal Opinions

Having access to accurate and complete patent data is imperative for any patent professional looking to provide exceptional service to their clients. When patent professionals provide counsel based on incomplete patent information, the reliability of their opinions...

Evaluate Patent Records Early in the Patent Process

Patent analysis is not just something to be done once throughout the patent process. Analyses of prior art references, patent drafts and patent examiner data all have their place and provide their own unique insights that help patent professionals better serve their...

On-Demand Webinar: Patent Prosecution Analytics: No Longer Just a Nice to Have

What you’ll learn in this webinar:Types of IndefinitenessLearn about the types of problems that patent applications face and what patent practitioners should do.Nautilus and Its ProgenyGet a look inside the Nautilus, Inc. ruling and a view of where we stand today with...