Using Patents as a Decision Making Tool

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Patents are one of the most valuable competitive and technological information sources available today and most important is that, this information source is freely and easy accessible through various patent databases.

Patent bibliographic information provides lots of insights pertaining to the competitor's activity, market strategies, R&D focus and business strategies. The full text of the patent documents discloses the technological improvements, innovations and various ways of solving technical problems.

Various text and data mining technologies are developed and many more are in the development stage by vendors to generate valuable insights from the patent information in visual format for easy understanding and interpretation. Broadly speaking there are two types of technology being currently in use to map the information derived from patents, such as:

- Patent Bibliographic Information Mapping (PBIM) Technology
- Patent Technical Information Disclosure Mapping (PTID) Technology

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