Five Reasons LexisNexis® PatentSight® Can Help Expand Your Patent Practice

Jul 27, 2021

Patent Practice Stars

The knowledge possessed by patent professionals has a value that extends far beyond patent prosecution. In their patent practice attorneys can provide many valuable services to their clients that help them operate more efficiently and make better business decisions. With the LexisNexis® PatentSight® information analytics platform, patent professionals can be more effective when assisting with patent landscaping, portfolio optimization, competitive intelligence, due diligence and providing many other insights.

What makes PatentSight® so special?

1. Global Patent Coverage

The world is more connected now than ever, except that in the patent world, patent records are kept in many separate and distinct databases. There are over 100 patent databases providing access to different global patent documents—nearly one database for each patent authority. PatentSight provides access to patent information for over 13 million patent families around the world. This content constantly increases as new data is added every week. As a result, patent practitioners can reallocate the time and resources they typically allocate to searching several patent databases and instead focus on extracting valuable insights from a single platform. This can help make their patent practice more efficient.

2. Comprehensive Patent Datasets

How many patents does a single client or competitor own? One might think the answer would be simple when provided with access to a global patent database, but with a little bit of research, it becomes apparent that the answer is not always clear. A single assignee is often listed differently among its patent applications (such as “Apple, Inc.,” “Apple Incorporated” or “APPLE”), making it hard for patent practitioners to access all of a company’s patents from a single search. Moreover, companies often use subsidiaries and affiliates as owners of their patent rights.

PatentSight patent records are reviewed both manually and via software for variations in ownership designations, spellings and capitalizations that have historically made searches more difficult. Users can be confident that their searches through PatentSight will result in more complete patent portfolio information.

Learn about the common issues affecting open source patent data and the PatentSight approach to data cleaning in our Handbook for Patent Data Quality.

Data quality

3. Objective Patent Comparisons

Determining a patent’s significance has always been a challenge, but PatentSight relies on a science-backed algorithm that allows users to objectively compare patent families.  Each patent’s Competitive Impact™ is calculated based on a combination of citations received and the geographic scope and market size covered by the family of patents. As a result, each patent’s Competitive Impact is a normalized metric that enables objective comparisons of the world’s patents.

For more on Competitive Impact and how it can help improve a patent practice read Conduct Competitor Analysis with LexisNexis® PatentSight®.

4. Objective Patent Portfolio Evaluations

With Competitive Impact facilitating comparisons on the patent family level, the PatentSight Patent Asset Index™ is the metric that allows users to evaluate the strength of entire patent portfolios. Each patent portfolio’s Patent Asset Index communicates to users the aggregate strength of all patent families contained within the patent portfolio. Armed with this information, patent professionals can track portfolio changes over time, monitor and evaluate a client’s competitors and take actions to improve the strength of a client’s patent portfolios, and improve their patent practice.

Download the use case Using the Patent Asset Index™ for Patent Portfolio Benchmarking to learn more.

IP Landscape Benchmarking

5. Data Visualizations and Reports

What good is data without interpretation? PatentSight users can visualize their data with a wide variety of charts, graphs and tables that help them gain a deep understanding of their patent data. PatentSight can also generate full visual reports based on the parameters set by users, and analyses can easily be exported as boardroom-ready presentations.
Patent Data Visualizations and Reports

The PatentSight innovation analytics platform has a wide variety of applications that patent practitioners can use to assist their clients and improve their patent practice. With consistent, high-quality, global information and sophisticated patent metrics that can be easily visualized and interpreted, PatentSight unlocks nearly endless opportunities for its users.

Access the PatentSight analytics blog, use cases and studies here.

Learn more about PatentSight and the Patent Asset Index.

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