Intellectual Property Rights, such as trademarks and patents, are used by businesses to protect their intangible assets. While intellectual property rights give businesses a competitive advantage, they are insufficient to keep them on top in the long run. Continuous innovation, as well as monitoring competitors’ IP initiatives, are critical to maintaining the top position. Patent monitoring is an important tool in this regard that can prove to be extremely beneficial and useful. In the upcoming sections, we will examine the meaning, scope, benefits, and drawbacks of this process.
What is Patent Monitoring?
Patent monitoring, also known as patent watch, keeps you up to date on granted patents and new patent applications. It offers a comprehensive overview of the patent landscape in the ever-changing field of technology. It is a customized tool used by businesses to keep an eye on new inventions, product launches, literature, and other items that may be relevant to the organization or its IP strategies.
As patent filings are increasing at an alarming rate, it is critical to keep up with new developments in the field of intellectual property. This information is especially beneficial to researchers, engineers, and other members of the R&D community because it promotes creativity and innovation.
Types of Patent Monitoring
1. Legal Monitoring
Legal monitoring is an excellent way to keep track of patent applications filed in the area of interest. It also reports any changes in patent laws or filing procedures.
2. Technology Monitoring
Useful for up-to-date information on new technological innovations, with a focus on domains that are important to the company. It can also be useful in identifying patent infringers.
3. Market Monitoring
Market monitoring is useful in developing effective strategies to optimize patent value, whether for new product launches or launching into new markets.
4. Competition Monitoring
Competition monitoring, as the name suggests, is used to keep track of competitors’ intellectual property activities. It can also identify licensing or cross-licensing opportunities.
Depending on their objectives and goals, businesses may choose a single type of monitoring or a combination of the above. Depending on the needs of the company, this process can be done weekly, biweekly, quarterly, half-yearly, or yearly.
The Patent Monitoring Process
Patent monitoring can be done by outsourcing the process to third-party agencies, using software, or doing it manually. Each process has advantages and disadvantages. Performing this process by yourself is the most cost-effective option, but it is also the most time-consuming. Furthermore, due to a lack of professional and technical assistance, it may not be effective in accomplishing its intended purpose.
Hiring a professional firm to perform patent monitoring can be costly, but it guarantees that the results are optimal and error-free. These companies also provide detailed and comprehensive reports that serve as crucial reference documents about the company’s performance and may be used for a variety of purposes.
Automated patent monitoring assists you in receiving continuous updates while also speeding up the entire process. It provides unparalleled customization and convenience by allowing you to track the process at your own pace.
The Advantages of Patent Monitoring
Patent monitoring makes it easier to detect infringement. Not only can you find out whether someone is infringing on your patent, but you can also discover if the technology you are developing infringes on any existing patents. This knowledge allows you to save both time and money.
2. Market Strategy
Businesses can learn about their competitors’ market strategies by using patent monitoring. Being able to speculate on the strategies of competitors aids in the development of better policies and restructuring to meet any challenges. It also aids in assessing their successes and failures and fine-tuning their own strategies accordingly.
3. Growth Feasible Sectors
Patent monitoring makes it possible to identify sectors with more opportunities. It enables you to transition from patent-heavy sectors to relatively new domains with promising future prospects.
4. Investment Opportunities
Patent monitoring assists you in identifying new investment opportunities in markets that have yet to be explored or have fewer competitors. Aside from new opportunities, it also allows you to enter an existing market by reporting any abandoned patent applications by competitors.
The Disadvantage of Patent Monitoring
Some businesses may be put off by the cost of patent monitoring. Total costs, including monitoring and alerts, could reach $ 2,000 per year. This is an average figure; actual costs will vary depending on the number of services required. However, when compared to the enormous financial costs that can result from a lack of awareness or poor strategy, this is a small price to pay.
Why should you use Patent Monitoring Tools?
Time and money are both valuable resources for any company. Keeping up with USPTO developments and tracking competitors is an important task for businesses. This commitment requires a significant amount of time and may divert you from other critical activities required for business growth. This is where patent monitoring tools can help you make the best use of your time, effort, and money. They can ensure on-time delivery and good value for money.
To reap these benefits from this process, information about patent filings must be updated on a regular basis. Any lag in this information could lead to massive losses.
Leveraging the power of AI
Today’s AI-powered patent analytics tools, like XLSCOUT, leverage explainable AI-based technologies to help businesses discover relevant technical information quickly. With XLSCOUT, it is ever so easier now to compare and analyze technology trends over time. With easy access to graphical dashboards and insightful landscape reports, you can now view and compare the latest trends in a particular technology and identify the changes in competitor strategies.