No thorough business strategy is complete without an understanding of their customers, industry insights, the sales funnel, and competitor information. Much of this information can be derived from competitive intelligence data and patent landscape reports.
Patent landscape reports are an important but often overlooked predictive decision-making component. This blog dives deep into details about your patent portfolio, competitors, and assets. Specifically, the information concerning patent portfolios can offer insights into what innovations your competitors are protecting, what technology supports their business, and most importantly, what direction they may take in the future. Searching through other businesses’ patent portfolios on a regular basis can also alert you to future acquisition and licensing opportunities.
Having the ability to compare and contrast information will give you insights and a competitive edge in the market, about what steps you need to take to sustain your position as the industry leader.
How Patent Landscape Data Helps in Developing a Comprehensive Business Strategy
XLSCOUT is an industry-leading patent analytics platform that helps you conduct detailed patent landscapes and provides numerous patent monitoring solutions to solve your various use cases. XLSCOUT’s patent landscape tools, Techscaper & Company Explorer, provide intuitive visualizations and reports that you can use to make tactical business decisions in real time.
Techscaper provides quick actionable insights by diving into the world’s largest technology data library to give you a comprehensive overview of current trends and future outlooks of technology through your technology lens.
Company Explorer is a quick and handy tool to keep an eye on your key competitors using your own technology lens without a miss.
By effectively analyzing data, our patent analytics tools enhance your business intelligence in the following ways.
1. Liability Mitigation
It is critical to understand whether your organization is holding onto obsolete patents, safeguarding technology that has since become outdated, or maintaining assets that are no longer useful. Regularly monitoring your portfolio using XLSCOUT’s patent monitoring tools and its intuitive data visualization and charts can help identify patents that are no longer worth keeping. This allows you to reduce the cost of your portfolio by removing unutilized patents.
2. Areas of Infringement
Patent landscapes enable you to identify “clusters” of patents forming around your core intellectual property. This indicates that a competitor is attempting to enter your territory or is already infringing on your intellectual property, allowing you to decide whether to file litigation and prevent them from using your technology or to invite them to an out-licensing opportunity.
3. Licensing Opportunities
You can identify organizations that would be a good fit for a licensing opportunity while evaluating your portfolio and competitive intelligence. Whether it’s a start-up and your technology could help their solutions, or a well-established company whose technology may be aging out, both scenarios could provide excellent licensing opportunities and a significant increase in revenue. Learn which companies are citing your IP to identify further licensing opportunities using XLSCOUT.
4. Research & Development
You will be able to spot market trends as well as potential “white spaces” for your technology to expand into. Additional insights into future needs will emerge as markets evolve. Your company can meet those demands if you use accurate mapping data to fuel your predictive decision-making.
5. Mergers and Acquisitions
Explainable AI-based patent categorization, accurate mapping and comprehensive examination assist R&D professionals in identifying potential M&A opportunities for their company. Patent Landscape allows you to assess the target organization’s patents. You can see how well their existing patents coincide with or supplement your portfolio.
XLSCOUT’s standout competitive intelligence tools combine all of the intellectual property data you need to make well-informed business intelligence decisions.