In today’s competitive world, technology has become the most important competitive weapon of enterprises. This weapon results from high inputs of labor, cost and infrastructure and is proprietary in nature. Acquiring competitive advantages are only possible through innovation and intelligent implementation of technology as marketable products and services.
Patents information act as bullets for these weapon. Patent information is widely being used in corporate sector for informed decision-making and decreasing the risk and uncertainty associated with Research &Development plans.
But this great source in information is not widely used by researchers and scientist in most of the research organization, especially in developing countries. Almost all research organization refers to the scientific journals and research publication as the main source of new technical information. Based on which their project plan and all other task depends. Thus, intelligent selection and prioritization of research projects, along with long term tactics framework is essential to reduce the failure risk. But these tasks are not easy, and require expertise in the following fields of technology management: technology identification, distinguish among present, part and future technology, technology forecasting, technology assessment, technology monitoring and technology mapping. This information can be further used for the formulation of technology strategy.
Patent analyzing can reveal the following information, which can be used in making strategic decision making:
Technology trajectory to trace the evolution path of any particular technology.
Detection of research focuses of top competitors in different technological fields and forecast their future trend
Acquire invaluable information about past, current and future research possibility in a particular technology domain.
Identify and monitor key competitor’s in particular technical field, to predict future research trends and identify technology gaps in new fields.
Identification of potential licensors with technologies of interests.
Analyzing technical and legal information of related patents, before triggering the negotiation process to transfer of given technology, can boost the bargaining power of research institutes as technology transfer.
It can help in acquiring technical information
Avoiding duplication of research
At initial stages, patents analysis may help in generating ideas for new innovations.
Finally even the 18-month lag between filing and publication of patent information as well as different lifetime of patents; it is the most organized and easy accessible and freely available technological information source. Expert analysis and use of patent information can help you armed with the competitive technology to gain market supremacy.