Data might be the most valuable commodity on earth. When analyzed correctly, it can help businesses understand patterns and trends, opportunities and risks, standards and benchmarks. However, like any commodity, raw data alone has its limitations. When it comes to intellectual property (IP), the true value emerges when data is enriched. Enriched data improves search efficiency, saves time by quickly identifying relevant documents, provides clear and standardized abstracts, offers comprehensive global coverage, and ensures accurate classification.
Organizations that own intellectual property rights (IPRs) relating to patents, trademarks and designs, or any combination of the three, generate 20% higher revenues per employee and pay their staff more. Plus, in the small to medium-sized enterprise market, they generate 68% higher revenues per employee than those without IPR portfolios. Today, the line between IPRs and revenue is stronger than ever.
So, for those managing IPRs and IP strategies or developing one for the first time, understanding what data will help you draw a line between strategy and revenue should be the first step. In this blog, we highlighted the seven data points that should form the backbone of a revenue-oriented IP strategy.
Want to learn more about how to leverage patent data for insights you can trust? Visit the Clarivate™ Patents Analytics Services hub.
The seven data points that help connect IP strategy development to revenue creation
- Patent data
The comprehensive analysis of patent data can significantly enhance a company’s IP strategy. This data encompasses a range of information, including the number of patents filed and granted, their geographical distribution and their specific industries. - Innovation ranking
Innovation rankings provide a snapshot of a company’s innovation performance at a specific time and help identify areas for improvement in IP and R&D strategy. They consider factors like the number of patents filed, their influence and R&D spending. - Segment trends
Analyzing global or sector-specific innovation rankings (like the Top 100 Global Innovators™ deep dive into the Energy and Electrical sector report) helps companies see where significant innovation is happening. This helps identify emerging technologies, new players, threats, and investment opportunities. - Geographical trends
Analyzing geographical data, such as where patents are filed and where innovation is concentrated, helps identify innovation hotspots, potential markets for expansion, trends in competitor activity and regulatory headwinds - Innovation ecosystems
Evaluating an invention’s influence, success, investment and rarity provides a comprehensive view of a company’s IP strength. These factors help assess innovation quality and competitiveness, guiding R&D strategy and investment decisions. Read more about how Clarivate analyzes a vast trove of unique patent data to rank the organizations leading the charge in global innovation in the Top 100 Global Innovators™ report. - Fragmentation
Analyzing the size and diversity of innovating entities helps companies anticipate competitive threats, identify collaboration opportunities and tailor IP and R&D strategies to broader trends. A surge in patents from smaller entities might indicate a growing area of innovation. Conversely, a concentration of patents among large entities might suggest a mature field. - Benchmarking
More of a process than a data point, it’s worthy of a mention in this list for its relationship to data. Benchmarking allows companies to compare their performance against industry standards or competitors to identify gaps and opportunities for improvement. This could involve comparing patent portfolios, innovation output or R&D efficiency.
Turning data into insight
If data is the new oil — another of the world’s most valuable commodities — then it must be refined to be useful. Analysis turns raw data into useful information. It helps track competition, markets and technologies. It also identifies research programs that could give a competitive edge and highlights potential risks in the IP ecosystem. Simply put, analysis lets you see things others cannot. This is very powerful in a rapidly changing global environment for innovation.
The Clarivate Center for IP and Innovation Research is your partner in this journey. Realize the full value of innovation with comprehensive IP management and intelligence consulting services, powered by industry-leading research and practice expertise.
Further reading:
Read the Clarivate Innovators to Watch 2024 report to see how enriched data and expert analysis can spotlight global innovation trajectories.
The Patent Trend 2022 report provides more information about what patent professionals do to supercharge the innovation lifecycle.
