The patent portfolio optimization process or analysis acts as a tool for innovation-based companies to identify valuable patents and incorporate them into their portfolios. This helps maintain a patent portfolio only for companies with large patent portfolios. However, this tool is not helpful for companies with fewer patents on their names.
Maintaining a patent portfolio for companies is tedious and becomes a liability for the companies, especially when the set of patents in the patent portfolio is not in demand or does not fetch any commercial benefit to the company. This is when the patent portfolio optimization process comes into play, which helps optimize the patent portfolio by incorporating new technology with the existing ones.
Patent Portfolio optimization Process
An organization must have an understanding of its competitive landscape when developing a strategy for optimizing its patent portfolio. It’s also necessary for them to have access to visualization tools that will help them gain valuable insight into the health of their portfolios so they can better identify challenges and opportunities related thereto.
Get to know your patents
The first step in optimizing your patent portfolio is to get a complete picture of it. You need to know the size of your portfolio, how many patents are in it, and what they cover. This can be done using some tools, including
Patent search engines like Google Patents or Espacenet (European Patent Office). These databases allow you to patent search for specific patents by title or inventor name;
Patent analytics platforms such as IPIQ or Maqsar provide users with information about their existing portfolios based on data from various sources;
Understand the competitive landscape of your patent portfolio.
Use patent analysis tools to identify the patents that are most valuable to your business. Use patent visualization tools to gain valuable insight into the health of your portfolio.
Patent portfolio analysis
patent portfolio analysis, analyze the health and value of your patent portfolio. It can help you identify areas where you need to focus your efforts to increase the value of your patent portfolio.
Patent visualizations allow users to see how their patents are related, which helps them better understand what they own, who owns it, and how it fits into the larger context of their organization’s overall IP strategy.
These tools make it easier for companies with large patent portfolios or those involved in complex licensing negotiations by providing them with an overview of all relevant patents from multiple sources in one place on an interactive map that allows them easily identify opportunities for collaboration between competitors who might otherwise never meet.
Identify challenges and opportunities
Once you’ve identified the problem, it’s time to figure out what can be done about it. To do this, you need to understand your current situation: where you are now and how much room there is for improvement. Use data visualization tools like charts and graphs to see the big picture as well as drill down into details if necessary. You may also want to compare different parts of your patent portfolio against each other so that no aspect goes unnoticed or is undervalued in terms of improvement potential.
Use Data Visualization Tools to Weed out Redundant Patents
When looking at a patent portfolio, it can be hard to see the forest for the trees. Using data visualization tools is an effective way to identify redundancies in your portfolio and weed out patents that are no longer relevant.
Data visualization tools provide users with the ability to manipulate and explore large sets of data visually, making it easy for them to spot patterns and trends within their data set. These tools allow you to identify redundant patents by comparing them against each other visually–you don’t have to rely on spreadsheets or tables anymore! The benefits? You’ll know exactly where all of your money has been spent by seeing which inventions are similar enough that they might share some intellectual property rights (IPR).
Advantages of patent portfolio optimization/analysis
The five advantages are listed below:
Increase portfolio efficiencies
A patent portfolio optimization process/ analysis helps technology-driven companies optimize their patent portfolios and make them more efficient so that they can have a competitive edge over others. For companies having large patent portfolios, the patent portfolio optimization process is mandatory. It is performed by removing chunks of less valuable patents and incorporating the new profitable or valuable patents into the patent portfolio to attract big technology companies.
Identify strengths and weaknesses of a company’s patent portfolios
The patent portfolio optimization process helps companies identify the strength and weaknesses of their patent portfolio. It filters out unnecessary or burdensome patents that serve no fruitful results or are not in demand, from the patent portfolio based on various parameters that assess the patent and selects them according to set criteria.
Unleash new cost-saving opportunities
Companies should have a clear understanding of the value of their patents and their worth in the market. Patent portfolio optimization does not only help in optimizing the portfolio but also helps unleash or identify new opportunities. This helps in making maintenance decisions that bring true value and a competitive edge to a business.
This is performed for companies to make them aware of their core patents, noncore patents, goals to achieve, market knowledge, recent technology trends, and opportunities like licensing, sale of patents, etc.
A Criteria for filtering the patent portfolio
For filtering out the patent portfolio, certain parameters are taken into consideration, including the life of a patent, patents having no license scope, patents with a high risk of invalidation, patents not in demand, and the strength and future potential value of the patents. Such patents are removed from the portfolio, thus lowering the burden on the companies and maintaining their patent portfolios by adding valuable patents.
The Patent Portfolio optimization process involves many steps that require analysis, collaboration, and communication with other stakeholders. This is why it is important to build a strong team of experts who can help you through this process. With the right resources in place, your organization can use its portfolio of patents to protect its intellectual property rights while also optimizing it for future growth opportunities.
Our team of advanced patent attorneys assists clients with patent searches, drafting patent applications, and patent (intellectual property) agreements, including licensing and non-disclosure agreements.
Advocate Rahul Dev is a Patent Attorney & International Business Lawyer practicing Technology, Intellectual Property & Corporate Laws. He is reachable at rd (at) patentbusinesslawyer (dot) com & @rdpatentlawyer on Twitter.
Quoted in and contributed to 50+ national & international publications (Bloomberg, FirstPost, SwissInfo, Outlook Money, Yahoo News, Times of India, Economic Times, Business Standard, Quartz, Global Legal Post, International Bar Association, LawAsia, BioSpectrum Asia, Digital News Asia, e27, Leaders Speak, Entrepreneur India, VCCircle, AutoTech).
Regularly invited to speak at international & national platforms (conferences, TV channels, seminars, corporate trainings, government workshops) on technology, patents, business strategy, legal developments, leadership & management.
Working closely with patent attorneys along with international law firms with significant experience with lawyers in Asia Pacific providing services to clients in US and Europe. Flagship services include international patent and trademark filings, patent services in India and global patent consulting services.
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