Patent portfolios are one of a company’s most important assets, followed by patent portfolio managers’ decisions. Patent portfolios hold the keys to proprietary innovations that can make companies stand out among their competitors. They also open doors to potential out-licensing revenue, mitigating the risk of litigation and undue cost.
What Are the Best Practices in Data-Driven Decision-Making for Patent Portfolio Management?
Regular Patent Portfolio Audits
Regular audits of your patent portfolio can help in many ways. One of the most pivotal reasons is they can help you identify patents that are great for out-licensing, or those no longer relevant or worth holding on to. This helps you optimize the monetization of your portfolio by limiting costs and highlighting your potential revenue opportunities.
Patent Pruning
Patent pruning, as briefly mentioned above, involves off-loading patents that no longer benefit your company. This can be done on a nation-by-nation basis if your analysis finds value in one country and not in others. This process can help lower costs, and the potential risk of unnecessary litigation.
Competitor Tracking
Analyzing your competitors’ actions in the patent field is an excellent way to stay ahead of the game. By keeping tabs on your top competitors, you can maintain your competitive edge in the market, identify cross-licensing opportunities, and prevent a potential risk for litigation.
Building and Maintaining Your Portfolio
Having a well-developed patent portfolio is pivotal to a successful business strategy. That being said, a well-developed patent portfolio does not mean having the most patents. As your portfolio grows through new innovations, and company acquisitions, a careful analysis of your patents will be key to mitigating risk and minimizing cost. Making sure all your patents align with your company’s goals and strategy is significant to the success of your portfolio’s management.
Diversifying a Patent Portfolio
Ensuring your company’s patents are diversified across varying markets and core IPs will help strengthen your portfolio against changing markets and new technologies. Keeping a healthy spread of investments is important for your company to stay agile and maximizing licensing opportunities. Encouraging a diverse portfolio can help mitigate risk, as well as ensuring your company is ready to move in any direction your company’s long-term strategy takes you.
The Winning Strategy on Portfolio Management
Properly managing your patent portfolio allows you to make data-driven decisions based on your company’s future strategy and current best interests.
By thoroughly auditing, pruning, building, and diversifying your patent portfolio, as well as tracking your competitors, your company will be set up for success.
Modern portfolio managers are ensuring their progress through AI-enhanced tools and platforms, like Insightloupe. By intuitively highlighting insights that could easily be missed by managing a portfolio manually these platforms can set you miles ahead of your competition. Through the power of machine learning and automation, these tools are providing professionals with the powerful insights they need to create a winning data-driven strategy.
Do you think you could benefit from Insightloupe’s state-of-the-art AI-enhanced platform?
Whether you are looking for a safe and easy to manage a repository for all your past, present, and future projects, or a powerful patent mapping tool, for either use, Insightloupe offers droves of hidden insights and powerful knowledge.
Fill out the form below and a member of our team will reach out to schedule a demo as soon as possible.
