Why Benchmarking is Essential to Patent Strategy and How Best to Use Analytics
A remarkable 98% of patent owners rely on benchmarking to support their patent strategy, according to a recent survey by Cipher conducted in association with IAM. However, over half of respondents are unhappy about the time and expense involved, with a similar proportion lamenting a lack of objective and reliable data. This is more than a coincidence; it is causation. If the task is hard enough, it is only human nature to avoid it.
On the positive side, the situation is changing – and rapidly. Advances in machine learning over the past five years have transformed patent owners’ ability to benchmark their portfolios and those of their competitors.
Source: Law Business Research