You may already utilize patent analytics for your own IP department, but have you thought about tracking your competition? While there are many benefits to tracking your competitors’ patent filings, here are three of the most important reasons your company should consider monitoring their activity at the USPTO.
(1) Predict Your Competition’s Future Market Strategy
Most importantly, patent filings can provide insight into your competitor’s future market strategy and product offerings. Studying and analyzing filings allows you to predict what direction your competitor is taking and what technology they are pursuing. This knowledge can provide you with the ability to anticipate your competition’s future plans and to course correct your own market or product strategy in response.
(2) Identify Infringing Technology
You can also monitor your competition’s patent applications in order to identify inventions that may pose a risk of infringing your intellectual property, or assess whether your company’s technology may present a risk of infringement on your competitor’s products. By identifying potential points of infringement, you have the ability to design your patent applications “around” your competitor’s IP.
(3) Find New Avenues for Growth
Additionally, tracking patent filings gives you the ability to identify untapped sectors with a low number of filings where you can potentially gain an IP foothold or technological advantage over your competition.
Monitoring you competitor’s patent filings can be crucial for startup companies looking to quickly scale, or for mid sized or large companies looking to expand into new areas of technology.
How to Use Technology To Monitor Your Competitor’s Patent Filings
Easily create multiple master files for tracking your patent filings and your competitor’s patent filings through with LexisNexis PatentAdvisor®. You can create a new briefcase for each competitor. Then, either search QuickPair™ for application numbers, search party name, or import a list of application numbers to automatically upload your competitor’s filings to the briefcase.
Once the patent application numbers are in the briefcase, you can start using PatentAdvisor analytics to gain insight into your competitor’s patent portfolio. Generate alignment reports to compare statistics on art units, tech centers, examination timelines, patent examiners and more between your portfolio and your competitor’s. View breakdowns of your competition’s allowance rates, art units, pendency, office actions, and appeals. Use PatDocSearch™ to search through office action responses, where you can see arguments that successfully lead to allowance or resulted in final rejection.
You can also receive automated notifications when you competitor’s applications are updated with the Prosecution Pattern Monitoring tool. Set specific conditions that trigger alerts at crucial junctures, such as allowance, final rejection or the filing of an appeal brief.
By having all of these analytics and automation tools at your fingertips, you can keep up with your competitor’s patent strategy. With the insight gleaned from PatentAdvisor you will be able anticipate new products, business strategy, and technological pivots, ensuring your company always stays one step ahead.