What is Innovation Intelligence?
Innovation intelligence describes how innovation and patent application processes are strengthened with assistance from machine learning and artificial intelligence (AI). While an innovator can use free tools to aid in the innovation process, there’s so much data in the world that doing all the work manually can lead to:
- Wasted time and effort
- Human errors
- Missing or inaccurate data
Rather than relying on manual efforts alone, businesses can avail themselves of existing technologies designed to simplify and streamline the innovation process, such as using proprietary algorithms that quickly connect data points — more efficiently than a human ever could. Companies can also store their findings in one central location for easy retrieval, as opposed to combining many folders of spreadsheets, charts, graphs, and other sources of information.
One of the most useful features of innovation intelligence is that it can help every team involved in the innovation process. Research and development (R&D) can the platform to curate data necessary to further work at the beginning stages; intellectual property (IP) experts can scan data to check if they are clear of legal obstructions; engineers can compare diagrams; and more.
Other Names for Innovation Intelligence:
- Artificial intelligence
- Artificial intelligence innovation
- Connected innovation intelligence (CII)
- Competitive intelligence
- Machine learning
- Big data
Why is Innovation Intelligence Important?
Innovation intelligence is important because it unifies and equalizes innovation and patent data in one central repository, using machine learning and AI to do the heavy lifting. It also tends to be more forgiving than manual searches, in several ways:
- A well-designed innovation intelligence platform can take various or similar search terms and differentiate them via suggestions that the user can take in different directions.
- A user can narrow in on various aspects of the patent process in one central location, whether it’s to learn about existing prior art; analyzing previous rejections before a successful patent issuance; how a patent can be traced back to various institutions; and more.
- Innovation intelligence can also be refined to however broadly or granularly the user needs it to be, such as starting with millions of results or fine-tuning results to only the most strictly necessary.
- It can also combine real human help with big data information to capitalize on the best of both worlds.
With innovation in artificial intelligence continuing to accelerate in today’s rapidly changing world, using these technologies can help a person or business reach their goals as quickly and efficiently as possible. A strong platform can not only help with uncovering raw data and turning it into targeted business points, but also connect people with similar stakeholders for collaborative work, help them analyze possible funding opportunities, and validate results to ensure key performance indicators (KPIs) are met.