The Value of Patent Analytics 5/19/2009 11:50:40 AM Today, there is a dizzying array of Patent Analytics to help the modern IP professional with decisions both strategic and tactical. Patents provide voluminous data on innovation and technology evolution. The value of patent analytics emerges by creating insight from this data and applying that insight to business opportunities.
While patent analytics can improve efficient sifting through data during patent prosecution or other patent transactions, the larger value is through developing and applying these insights. An enterprise’s business model and market position will determine the types of opportunities available through these insights.
In last month’s issue, we defined patent analytics as adding some form of quantification to the semantic knowledge embodied by a patent. We discussed the general types of patent analytics and their underlying assumptions: Bibliometric Analysis, Patent Component Analysis, Financial Modeling, and Expert Opinion Analysis. Bibliometric Analysis quantifies patent citations. Patent Component Analysis quantifies the various segments of the patent specification, e.g. claims. Financial Modeling relies upon existing revenue streams to a patent or a set of patents to assess patent value. Finally, Expert Opinion Analysis uses subject matter experts in business, legal, and or technical fields to ascribe indicators including quality and monetary value to a patent. In this article we turn to the end user of patent analytics to discuss the value they may receive from patent analytics.
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