Are you doing everything feasible to ensure that your competitor intelligence discoveries result in growth, profitability, and a sustained competitor advantage for your company? No, if you haven’t included artificial intelligence in your competitor intelligence toolkit. See how you can improve your competitor intelligence with AI.
You comprehend your business intelligence objectives as a competitor intelligence expert. However, you are most likely challenged to provide new, actionable information on a regular basis in order to update and support corporate strategy. For data to be actionable, traditional search and reporting methods must return relevant meaning. You or your team can spend a significant amount of time milling and manipulating data to extract substances. Alternatively, you can initiate your work with artificial intelligence at your disposal and derive meaning much faster.
Artificial intelligence speeds up the process of collecting and analyzing data. Machine learning, as an application of artificial intelligence, employs algorithms to recognize patterns and trends in order to learn on their own. The machine has no explicit programming for what to find (i.e., expectations, preconceived notions, etc.).
As a result, in addition to real-time processing, the output of an AI-based system performs some interpretive work for you. It is not simply a numerical report on, say, a competitor’s profits and losses or a list of patents. Artificial intelligence provides insight into the movement of markets and market participants. It quickly progresses from data collection to automated analysis. When you can see the significance of the data, it becomes more valuable.
What are Your Competitors Doing, or Failing to Do?
Being the first to market with a development is critical in any fast-paced industry. Competitor intelligence is critical for developing go-to-market strategies and timing product launches. You must be aware of what is going on and where you stand.
Natural Language Processing (NLP), an AI component, can surface relevant documentation to show you what competitors are working on. Keyword and Boolean searches on broad-based search engines or patent databases are restricted to returning (hopefully) exactly what you ask for. NLP facilitates semantic searching by utilizing artificial intelligence to “read” a description you enter, identify key concepts, and then fit documents that are most relevant to what you intend to ask for.
When you use NLP to search patents, patent applications, and technical literature, you get a mash-up of data about developments in your industry that gives you a fresh outlook. In response to a natural language query, XLSCOUT’s Company Explorer, for example, draws a picture of the competitor landscape. You can see your intellectual property space as well as the current patents in your industry.
The process of gathering and analyzing information can also assist you in identifying competitor gaps, or white space. These could be new opportunities. Keep in mind that Company Explorer bases its search results on concepts. NLP provides a more accurate illustration of the innovation space than keyword-based search results. The Technology Breakdown feature visualizes the major concepts of the technology domain, which helps in understanding the most frequently used concepts and the key focus areas in the technology space. The concepts are extracted from the latest 5000 publications.
The interpretation of the result set and visual representations yields completely new insights into technology and investment trends. Artificial intelligence can have an impact on your company’s decisions about where to direct development funds or when to launch a new product. When the tool you use begins a search with an understanding of what you require, it is bound to return useful results.
Do you have a Distinct Competitor Advantage?
Market positioning is critical in deciding whether to pursue development, manufacturing, or patenting. AI is required for a thorough evaluation of an innovative idea’s market potential as well as overall portfolio management. The most effective method for determining the strength of your intellectual property in comparison to what is already public knowledge is machine learning combined with statistical analysis. In other words, is your concept unique enough to give you a competitor advantage?
Artificial intelligence enables the semantic analysis of comparable patents to your submitted query or idea description. XLSCOUT’s Novelty Checker provides an easy-to-use platform where one can enter their ideas and have those ideas compared and evaluated against millions of patents and research publications instantly. It assists in conducting a novelty search to help you ensure that your innovation is unique.
Using XLSCOUT’s Techscaper you can qualitatively analyze a competitor’s patent to help you gain solid information for competitor leverage. A statistical process, advanced linguistics, and a semantic search engine effectively identify the quality of intellectual assets.
The report generated from the analysis can supplement your expertise by providing new, actionable perspectives on intellectual property, patent competition, the marketplace, and other topics.
What Exactly are you Waiting for?
A comprehensive competitor intelligence tool must mine as well as analyze data. Only when meaning is applied to data does it have value. XLSCOUT’s AI-based tools begin and conclude your searches with meaning. This gives you an advantage in understanding the competitor landscape, anticipating your competitors’ moves, and identifying market opportunities.
XLSCOUT provides you with a competitive dashboard where you can compare the portfolios of different competitors and extract different insights like their filing trends, top problems they are trying to solve, their technology investments, their collaborations, their core patents, etc. With just a few clicks, it creates a patent landscape report tailored to your needs.