Fuel Research and Development With Innovation Analytics

Jul 30, 2021

innovation analytics

Research and development (R&D) is a crucial process for innovative businesses. It can expand a company’s industry knowledge and provide the fuel needed to recognize new opportunities that lead to valuable new products and processes. It also helps companies find ways to improve upon their existing products and the processes they use, helping them to keep a competitive edge over similarly situated companies. Effective R&D efforts ensure businesses stay relevant and competitive in their industries by helping them determine when and how to expand their product portfolios.

Most R&D strategies center around addressing the need and wants of consumers, as determined by survey data and customer feedback. Although a consumer’s perspective is important to consider, many companies neglect the insights that can be gleaned by analyzing patent filings around the world. By helping companies stay on top of trends, developments and the actions of other players in their technological area, patent attorneys who provide patent data and analytics help their clients take a comprehensive approach to R&D. The LexisNexis® PatentSight® innovation analytics platform has the trusted data and proven metrics to help clients make the most out of global patent data.

Learn about the risks in relying on inaccurate patent data and the PatentSight® approach to data cleaning.

Competitor-Driven Research and Development

Keeping apprised of the patent filings made by an industry’s key players is a great way to identify the problems they are trying to solve, and can help clients find a competitive edge by developing better and different solutions to the same problems. The PatentSight innovation analytics platform allows users to work with and visualize global patent filings that can reveal the most competitive players in a given technology field. With a wide variety of visualization tools at their disposal, including Smart Reports for competitor benchmarking and comprehensive company profiles, users can evaluate competitor patent portfolios to assess their recent filing decisions and identify their most valuable patents. PatentSight even enables users to dive deep into patent records for a granular study of competitor filings.

Technology cluster chart

Learn how PatentSight patent innovation analytics can transform patent data into intelligence.

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.

Recognize Trends and Situational Opportunities With Innovation Analytics

Technologies are constantly evolving or being disrupted, and many successful companies have mastered the art of riding the waves of change. PatentSight provides users with comprehensive overviews of relevant technology areas that help them identify new growth opportunities in all shapes and sizes. This includes helping users identify up-and-coming businesses with which they can establish business relationships. Users may also discover industries where their business is not currently operating but could potentially find success, with the knowledge and resources they have amassed through their core business. Regardless of what is discovered, PatentSight innovation analytics tools have the potential to reveal unprecedented opportunities for users’ businesses that can help them generate additional revenue from their existing technologies and take completely new products to the market.

See how an IP law firm leverages PatentSight to make complex patent insights consumable by the client’s senior management.

Portfolio size chart

PatentSight innovation analytics and visualization tools enable users to understand their technology fields better than ever before. By introducing patent analytics into the mix, PatentSight helps companies make more intelligent R&D decisions through the study of competitor actions and the identification of partners and opportunities that align with users’ goals.

Learn how Siemens increased patent portfolio strength and patent income.

Explore innovation management in times of crisis: budgets, acquisitions, or alternative options? Insights from patent analytics.


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