Patent analytics unlock hidden value and can help companies’ shift their IP strategy from volume-driven to quality-driven. Find out how in this immersive story about LexisNexis® PatentSight®.
Companies that want to search through patent data for value generation or industry insights are therefore faced with mountains of complex information, both within their own organizations and across their industries globally. “The question is how do we mine that?” How do we look at that huge pile of data to make good management decisions?
LexisNexis® PatentSight® is a leading analytics platform for strategic management of intellectual property, it enables the evaluation of patent quality and the benchmarking of patent portfolios. The Patent Asset Index differentiates high-value patents from low-value patents and empowers patent professionals to make sense of the vast volumes of patent data in existence so that they can become more efficient and use data-driven insights to guide their decisions.
“We’re creating clarity in that big data mass,” says Marco Richter, Global Lead Product & Customer Success at LexisNexis® Intellectual Property Solutions. “We can spot changes in the technology and innovation landscape and we can do so with the click of a finger because it’s all pre-compiled in our database and updated once a week.”
Teams of experts work to make sure information collected from patent offices around the world is valid and up to date when it comes to the legal status, remaining lifetime and ultimate owner of patents. And because it’s able to analyze patent citations globally – looking for technology relevance and market coverage – the PatentSight platform is rather like a crystal ball, allowing users to gaze into the future of innovation. “We like to think of the patent as a forward-looking statement,” says Richter. “Because if an existing patent continues to get citations, that means it will stay relevant for years to come. And it further increases its relevance in the world of technology when many people are working on it.”
See how companies can unlock hidden value through patent analytics.