In today’s hyper-fast-paced commercial environment, patent search solution providers cannot overestimate the value of first-mover advantage. Apart from increased brand recognition as a market leader, being the very first to deliver updated data to your customers is an important step in transitioning from a vendor to a reliable partner and source of information. On the other hand, if you take too long to keep up with the needs of your market, you may find yourself playing catch-up with your competitors.
Here are some of the benefits of bringing innovation data to market faster:
1. Minimize risks for your customers: As a vital information supplier, you understand that by being unaware of a new player or a competitor filing a patent in a technology area of interest can be disastrous for your customer’s future. Trying to launch a product in a market without this knowledge, for example, can expose a company to cease and desist notices for patent infringement. This may have a negative impact on the company’s reputation as well as its continued existence. A database that makes sure users never miss the most recent patent filings will distinguish your search solution as a valuable source of time-sensitive information. This translates to greater trust in your solution and brand, improved customer retention, and overall revenue potential for your search solution.
2. Increased market recognition: By providing up-to-date patent data, such as PDF documents, image information, data enrichments, translations, and so on, your solution will gain market recognition as a comprehensive patent search platform. Being the fastest and most reliable in the marketplace of patent search solution providers can make your solution a favorite among patent searchers.
Improve the time-to-market of your patent search tool by providing consistent updates in a standardized data format.
Providing high-quality search results requires more than just creating an easy-to-use search interface and sourcing the best data. Many other factors must be in place to ensure the superior efficiency that users expect from a trustworthy search solution provider.
One of the most important aspects of ensuring a quick and smooth data integration process is a universal standard for data structuring. We adhere to the World Intellectual Property Office’s (WIPO) structure, known as the WIPO ST.36-based XML standard. Search solution providers can build their products on a global data standard. Aside from regular and consistent database updates, the following technical characteristics are associated with a high-quality data offering:
- Flexible data retrieval methods for developing search tools: A good patent data provider provides multiple data retrieval options to give search solution providers versatility when building solutions. You must find a data supplier who can deliver data via a bulk data feed tailored to your requirements or provide a search API that makes it possible to retrieve data based on specific requests.
- Data that is ready to use: As a search solution provider, your primary focus should be on developing an intuitive search tool. A competitive data supplier allows you to focus on your organization’s core competencies while avoiding resource waste by eliminating the need for additional cleaning and curation.
- Requests for faster data processing: Data retrieval requests typically involve hundreds of lines of information and can involve lengthy wait times for the request to be processed. A robust patent data API enables you to quickly retrieve relevant data in the form of batches, which include PDFs and images, or via sophisticated search queries.
Evolving from a search solution provider to a reliable source
Earning your customers’ trust can be tough if your offering is unreliable. Providing your customers with regularly updated standardized patent information can elevate you from a mere cog in their workflow to a reliable partner they turn to for vital information. This not only improves customer retention, but it also means that your search solution customers may become advocates for your tool among their peers.
You can deliver continuously updated, world-class quality data to your customers at a rapid pace by sourcing patent data for your search solution from XLSCOUT’s Novelty Checker. This ensures that your clients are up to date on the latest advancements in their fields, which equates to loyalty to your platform and, as a result, more retention for your company.
