Whether you work as in-house or outside intellectual property counsel, patent portfolio management tends to be an area ripe for improvement. Managing many patent projects and the work of multiple patent professionals is inherently challenging when you don’t have the right tools. Yet, effective management is crucial when it comes to: (1) ensuring patent applications progress smoothly through patent prosecution; (2) addressing patent performance issues; and (3) helping your company or clients outperform the competition.
The LexisNexis PatentAdvisor® patent analytics platform is best known for providing data and insights to help users devise patent prosecution strategies for individual patent applications. However, PatentAdvisor™ tools can also provide analytics for entire patent portfolios. By combining USPTO patent data statistics with proprietary performance metrics, PatentAdvisor can help intellectual property counsel manage their patent filings, patent attorneys and overall strategies more effectively and efficiently.
It can be difficult to decide where and when to allocate resources when managing several patent filings. When evaluating a company’s patent portfolio using the PatentAdvisor platform, intellectual property counsel can easily isolate pending patent applications and then use patent analytics and performance indicators to evaluate the performance of each application. Users can leverage patent analytics to identify which patent applications need the most attention (such as those that have been assigned to exceptionally difficult patent examiners or have been pending for an unreasonable amount of time), as well as which patent applications have become too costly and are no longer worth pursuing.
Evaluating patent portfolios using patent analytics is a great way to identify patent prosecution strengths and weaknesses of individual attorneys—or in specific technological fields. Professionals can use patent statistics and performance metrics to sort out poorly performing patent applications from those that are performing well. This insight can help users identify and address performance issues. International property counsel that rely on PatentAdvisor can identify any underperforming outside law firms or patent attorneys and then provide constructive feedback to improve attorney performance. Counsel can also pinpoint technological areas where patent protection has been difficult to obtain. Knowing this can help them develop more effective drafting approaches and decisions throughout the patent process.
Running patent analytics on a competitor’s patent portfolio is a great way to obtain actionable competitive intelligence. Intellectual property counsel PatentAdvisor users can sort a competitor’s active patents based on their expiration to identify which of the competitor’s patent rights will terminate soon. Users can also track patent prosecution events for a competitor’s pending patent applications to determine the likelihood that the competitor’s pending applications will mature into enforceable patent rights. Whether tracking a competitor’s existing patents or pending applications, users can develop business strategies that help to prevent patent infringement.
Intellectual property counsel face many challenges that are easier to overcome with patent analytics. From effectively allocating resources in patent prosecution to tracking competitor patent rights, the LexisNexis PatentAdvisor patent analytics platform can help patent professionals extract insights from portfolios that lead to better patent performance.
Learn more about PatentAdvisor.
Read Patent Prosecution Analytics: No Longer Just a Nice to Have and watch the on-demand webinar for more.
Discover how to compare patent prosecution performances with Benchmarking Reports.
Learn how to develop successful IP strategies and proficiently manage patent applications throughout the entire prosecution process using data-driven insights and advanced analytics.
