Are you fully realizing the hidden value in your patent portfolio? If you are not using patent analytics for portfolio and prosecution management, there is a possibility that the answer is no. Analytics can help you unlock hidden value by leveraging the data in your portfolio. Through this data, you can identify new avenues in which you can gain an advantage over your competition, determine the best strategies based on business value of your applications and even uncover new ways to get your applications to allowance more efficiently.
1. Discover Your Market Advantage
One way analytics can uncover hidden value in your portfolio is by tracking your competitor’s patent applications. Tracking a competitor’s applications can help you identify undiscovered footholds where you can expand your portfolio to create a market advantage. For example, by being able to predict what tech sector your competitors are focusing their resources on, you may be able to identify adjacent but unpursued tech sectors where filing applications would provide you with a competitive edge.
2. Find the Best ROI for Your Portfolio
Another way analytics can uncover hidden value in your portfolio is by identifying areas that give you the best return on your prosecution investment. You can easily pinpoint what art units are your best performing art units, and which applications can make it to allowance quickly with minimal cost of prosecution. Additionally, by being able to track the performance of your applications, you can eliminate applications that carry a high prosecution cost and are unlikely to make it to allowance. By freeing up the resources used to prosecute low business value applications that aren’t likely to grant, you can reallocate more time and money to high business value applications, decreasing your risk of wasted efforts while simultaneously increasing return on investment.
3. Reveal New Paths to Allowance
Perhaps most importantly, analytics can uncover hidden value locked in your portfolio by revealing new paths to allowance for applications during prosecution. While traditional metrics, such as art unit allowance rates, can provide insight into an application’s likelihood of allowance, new metrics, such as the average number of office actions before an examiner, can provide an even deeper and more nuanced understanding of the best way to get your application allowed. Additionally, you can see how certain elements of the prosecution process, like examiner interviews, can have a surprisingly large impact on the outcome. Moreover, information gained from analytics can be used to influence how you draft applications. For example, by digging into the art unit history of your application, you can identify the most common examiner rejections and draft your application with those in mind. This can increase your application’s chance of success even before the prosecution process begins.
These are just a few of the ways patent analytics can find hidden value in patent portfolios. LexisNexis PatentAdvisor® provides patent professionals with countless ways to analyze the data in their portfolio in order to enhance their prosecution outcomes and increase the value of their IP holdings.