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.

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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.

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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.

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