In today’s global business environment, new advancements in technologies are continuously enabling a predictive analysis of Big Data. Such technologies offer business experts and individuals a platform for making better decisions and improving efficiencies boundlessly. Accordingly, companies and organizations around the globe are looking to tackle the power of information and analytics to make themselves increasingly agile, lean, and productive. Therefore, applying information to drive better insights is leading towards more effective and efficient business strategies. Intellectual Property (IP) is not exempted from this pattern as well. IP officials are now embracing the opportunities managed by better analysis of tremendous amounts of disparate data to ensure their IP portfolio is a significant contributor to the company’s main concern.
What is Big Data?
Big Data refers to the vast volume of both structured and unstructured data, which is analyzed using advanced techniques for making better decisions and strategic business moves. In recent times, Big Data is changing the way the world uses business information with the help of smart decision making and reducing costs. Combining Big Data with high powered analytics can determine the root causes of failures and issues in real-near time. Therefore, it will not be wrong that Big Data is the new oil that will drastically change the economies worldwide.
What is the role of Big Data in IP?
IP organizations often use many tools and processes that haven’t evolved as quickly as the businesses they serve. Analytics tools offer aid to the companies in harnessing Big Data for their business strategies, but they are not equally effective in decision making and analysis of IP. At a time when the enforcement, management, monetization, and protection of IP lie at the core of business value, IP intelligence solutions can help the business firms in identifying the market trends, opportunities, and limitations along with the assets they need to protect. Modern IP management systems can assist the companies in understanding the cost of protecting innovation and the value of their IP portfolio. Therefore, in due course, every IP department should be able to identify the annual revenue generated by an IP portfolio and the cost of managing their assets.
In a nutshell, to deal with complex and new sources of data, including litigation and prosecution, the intelligence now exists to improve their quality, applicability, and preciseness
Managing IP with Technology
Business companies and firms can buy real-time data on around 100 million Patent Applications and Trademark Registrations, which will be beneficial only if they have the handling power and analytics capabilities to gather relevant insights. A new generation of technology, including Data Mining, Machine Learning (ML), and On-demand Cloud Computing, can transform the way companies interrogate large sets of data by identifying valuable trends and anomalies.
Nowadays, many business firms and their IP departments are deploying predictive analytics in various innovative ways. Predictive analytics can help in combining the internal and external data required for evaluating the strength and relevance of a patent. They can also offer aid to the companies in reviewing the patents due for renewal. Moreover, companies can make more informed decisions by comparing patent market share and the revenue generated against the cost of protection. Additionally, predictive analytics can also ensure the validity of data as till date information related to patents is entered manually, which is highly vulnerable to human error. All these examples can altogether reduce the workload of IP departments at a time when more applications are filed than ever before.
In today’s high paced world, every industry faces several opportunities and threats from the game-changing technologies. With the advent of Big Data, these companies can make decisions and predictions on their operations and working. For IP experts and chief officers, Big Data has transformed and redefined their reach beyond patent applications to a more fully shaped boardroom strategy. These tools exist today and shall continue to evolve. However, the companies that still manually search for relevant IP information are using their resources inefficiently and are missing out on driving critical business insights from big datasets.