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 company’s IP priorities. By providing researchers with business intelligence applications in‐line with their innovation process, companies can dynamically reinforce priorities and strategies to guide continual innovation. Through realtime analysis, new ideas can be prioritized and processed to maximize the likelihood of successful filings. Using metrics and analyses throughout the process, companies will reduce their IP filing costs by up to 30% while simultaneously increasing quality.
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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 company’s IP priorities. By providing researchers with business intelligence applications in‐line with their innovation process, companies can dynamically reinforce priorities and strategies to guide continual innovation. Through realtime analysis, new ideas can be prioritized and processed to maximize the likelihood of successful filings. Using metrics and analyses throughout the process, companies will reduce their IP filing costs by up to 30% while simultaneously increasing quality.
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