Data Quality and Enrichment: An Imperative for Efficient Strategic Decision-Making
Data is behind every business decision made today. When it comes to technology and innovation, it’s no different. Over half a million patents are being filed each year, only at the United States Patent and Trademark Office (USPTO). This number constantly increases as more patents are filed daily at intellectual property offices worldwide.
When a patent is filed in different regional offices, the language, content, and formatting of data points captured in the database can vary. These differences in data can make any insights obtained from them unreliable without further processing. Making important business decisions based on such analytics can put the company at significant operational risk and even damage its reputation.
In this blog, you will learn how cleaned and enriched patent data can help organizations reduce risks and reinforce strategic decision making.
Patent data harmonization: The cornerstone of data quality
With decades of experience working with the USPTO and innovative organizations with large, global patent portfolios, we understand the significance of data quality when delivering reliable patent analytics. This is baked into the ethos of LexisNexis PatentSight+ as our promise to deliver insights that enable strategic decision making.
Data quality is the most important aspect when working with patent data as it directly impacts the reliability of insights derived. In order to deliver high-quality data to our users, we devised a multi-faceted approach, combining complex automated algorithms and human research expertise to check and correct data inaccuracies.
Our data quality process is anchored by the data harmonization team, which comprises a group of highly skilled researchers with diverse educational backgrounds. Their primary objective is to address issues in patent data that may arise from, among other reasons:
- patent ownership changes due to the sale of patents or mergers and acquisitions
- patents attributed to subsidiaries and thus unaccounted for in the parent company’s portfolio
- human errors like spelling mistakes, using acronyms etc.
- incorrect translation and transliteration
By fixing these issues, we can map and assign each patent family to its ultimate commercial owner with confidence. Watch the video below to get more information about how we deliver world-class patent data.
Any reliable patent database should reflect the latest information about mergers and acquisitions, which is crucial for tracking IP ownership accurately.
Our team of researchers regularly tracks M&A activity to update the ownership information associated with a patent. Along with this, the up-to-date legal status feature helps users identify critical competitors and differentiate between active, pending, and inactive patent families. This allows for a more focused analysis, which can generate actionable strategic insights by filtering out irrelevant and inactive patents.
SEP and litigation data coverage enables strategy-specific insights
In today’s technology landscape, where the boundaries between various technologies and companies are becoming more complex to navigate, providing essential business insights demands more than just offering high-quality datasets.
A trustworthy patent database must also include additional contextual parameters such as litigation data, standards information, etc., to deliver reliable information effectively.
It is crucial to consider the standards information and litigation data in this context. This is because:
- Including standards information in a patent database allows users to understand how a particular invention aligns with existing industry standards. This is important information for companies aiming to develop products that comply with these standards, as it is critical for ensuring product compatibility and interoperability within industries. This information also helps identify potential patent infringements and licensing & monetization opportunities for your existing patents
- Litigation data is invaluable for risk assessment, as it helps companies gauge the litigation risks associated with using certain technologies. It can also highlight patents often contested in court, which may be strategically important to a company’s IP portfolio.
The PatentSight+ database includes Standard Essential Patent (SEP) declared data powered by IPlytics, which equips our users with the tools to make informed licensing, negotiations, and portfolio management decisions. Beyond litigation and standards information, our data includes patent annuity fees and tracks active nonpatent entities (NPEs). While the former enables strategic decision making for budgeting and portfolio pruning activities, the latter shows companies the possible threats from NPEs operating in their technology thus helping prepare for potential litigation.
Leveraging Data to Improve Decision Accuracy
Data quality is important for any organization that relies on data-driven decision making, as it affects the validity, reliability, and usefulness of the insights derived from the data. Poor data quality can lead to inaccurate, misleading, or biased results, which can negatively affect all stakeholders. Regarding patent data, this significance also extends to its comprehensiveness.
PatentSight+ stands as a beacon of data excellence in the patent analytics domain. At LexisNexis Intellectual Property Solutions, our commitment to data quality and comprehensive coverage equips IP professionals with the tools for strategic decision-making, ensuring businesses can leverage their IP assets effectively.
As the IP landscape evolves, reliable data becomes increasingly central to success. We recognize this and consistently deliver the world’s leading innovators with contextualized and evidence-based IP insights.
Talk to our experts to see how our data can improve your strategic decisions, schedule a meeting here.