Imaging Facts - Need for Merging Business Intelligence with Patents
As patents continue to integrate more with core business processes, business intelligence is a key component to ensure maximum efficiency. Most IP systems today focus on inventory and keyword searching; they fail to take advantage of large cost savings and result in missed revenue generation opportunities. By leveraging business intelligence applications, companies can save up to 30‐40% of their total costs through effectively applying quantifiable, repeatable metrics to their day‐to‐day IP operations. Approximately only 42% of all patent applications will be granted by the U.S. Patent and Trademark Office. This means the filing fees for 58% of a company’s patents will be wasted every year because of poor due diligence. With the average patent application costing $20,000, companies filing 50 applications will lose more than $500,000 each year. While this is partially related to prior art availability, there is a much larger problem pertaining to quality assurance and reinforcement of a