Electrical engineers who design and develope new electrical systems, solve problems and test equipments by measuring. Similar is true for patent information: you need to know what you are analysing and why certain data were captured. The very famous quote by Werner von Siemens, German electrical engineer, inventor and industrialist – “Messen ist Wissen” is most probably also applicable to patent information.
In 2019 around 3.2 million patent applications were received by patent offices around the globe, which means that on average there were over 100.000 patent documents published every week on top of the almost 14 million patents currently in force according to WIPO. As a technology company, and even as a patent professional, it is overwhelming and very difficult to keep track of what is relevant for you without having an efficient monitoring in place. Therefore, many companies usually involve multiple people in this process that requires multiple hours per person and week.
A medium sized technology can have over 40 people working together. The workload for an R&D engineer or a scientist to go through and analyse so many patents per week will easily mount to many hours of not doing R&D activities. For a company with multiple R&D teams this can exceed to 1000 of hours per year.
Without understanding your KPI’s, you are most probably also facing the risk of your R&D teams stop going through the documents and analysing them when week after week, they receive an email notification on a Tuesday morning that they need to analyse hundreds of new captured patent documents of which only very few are relevant to the R&D team’s field of work. The top management may also start to wonder why you invest 1000 of hours yearly on patent information?
Therefore, the core question is if this work can be monitored and what type of information can be extracted to indicate:
Which monitorings capture the largest amount of hits?
Which monitoring has a low activity?
Which is the most critical area?
Where do we have a low/the lowest hit rate?
Get an overview of all monitoring activities
Identify trends in an early phase
Report activities upwards
Develop resource planning
This brand-new feature was developed in strong cooperation with some of our clients that invest 1000+ hours to secure their Freedom To Operate (FTO).
“There's nothing more rewarding than finally getting to launch a feature our community has been requesting for a long time. Today's the big day - business insights are here”, says Viktor Rudolf, CPO of IamIP.
By offering this new feature our clients can save hundreds of hours making sure to optimize their return of investment in their process to obtain Freedom To Operate (FTO).
Our goal is to create the best patent management platform in the world that is developed together with the industry.
To learn more about how IamIP enables innovation by collaboration and how your company could benefit from this book a demo here