R&D teams need a more efficient way to innovate in order to increase returns on investment (ROI) efficiency and productivity. PatSnap’s connected intelligence platform helps you make better decisions, turning data into actionable intelligence to improve R&D and commercialize IP. We go through the top 5 ways it does this in this article.
Building bridges across the innovation landscape
Innovating more confidently–and do it faster. Those are two core goals that research and development (R&D) teams are increasingly interested in to improve returns on spend and be touted as the next biggest disruptors. Ideating effectively is challenging—It takes data to empower and justify your innovation decisions at each stage of the development journey right through to commercialization. And while there’s a lot of data out there, some is useful, some is simply noise.
To innovate confidently and quickly, getting access to the right insights and signals will help you make the decisions that point you in the right direction. PatSnap’s connected intelligence platform turns millions of those innovation datapoints into actionable intelligence that you can use to make better, more informed, decisions.
In this blog, we’ll show you five ways PatSnap helps you connect the dots to innovate more effectively.
Use global datasets to understand global innovation
Data is key to getting the information you need to make better-informed decisions. With the right data, you can get a view of what innovation looks like in any corner of the world at any given time. The more innovation data you have access to, the greater the resources you’ll have to research those ideas, find partners, corner the competition, and run with some great commercializing strategies. But data alone isn’t going to help—PatSnap turns that data into actionable, shareable intelligence you can use within IP and R&D teams (as well with commercial departments such as business and strategy) to get answers to the hardest questions about your innovation (and your competitors’).
Let machine learning do the hard work for you
Machine learning (ML) is determining the course for many technology areas, whether these are ways in which they can be used in healthcare, self-driving cars, consumer electronics, or retail. As machine learning defines innovation in different industries, why not use it to easily pick out the key indicators from IP to make researching an easier job for you and your team?
Using tools that fully integrate machine learning algorithms to pick out the keywords from patents, match descriptions with patent images, gather together similar patents to your idea, or providing easy-to-understand charts and graphs. Instead of dealing with human error, our artificial intelligence and machine learning picks up signals from noise with precision and gives you accurate predictions so you have the insights you need to approach your innovation or strategy with confidence.
Powered by artificial intelligence (AI) and machine learning (ML), PatSnap finds the important signals hidden in that innovation data so you get game-changing insights at the push of a button.
Share folders and dashboards to collaborate earlier and easier
To get a streamlined innovation process in place, you need flawless communication and collaboration between everyone on your team, and all stakeholders who can help make your innovation a reality. Workspace folders are designed for you to get all your work done together, delegating, sharing, and relying on each other for quicker and simultaneous duties. Have a list of patents you’ve identified to be looked at by the entire team and put in your comments. Share specific patents that match certain technology areas or competitor portfolios and share this with your team to get on the same page and ensure no one is left in the dark about what the best ideas to move ahead with in a specific area. PatSnap seamlessly integrates into your existing workflow so that all users inside and out of innovation departments are aligned behind the same goals.
Predict new market trends
Using pinboards or comprehensive topics based on technology areas you’re interested in, you can see the links between players, partners, start-ups, universities, venture capitalists, funding rounds, government grants, news, and tech blogs to gain the widest and most penetrative view of the market, while seeing things from the top-down. This high-level view of any given market helps you make decisions quicker, and with the entire background to the market and competitors of note.
Track activity with alerts and daily updates
Once you’ve found the key markets you’d want to go into, you need to stay on top of the changing elements within them to know how and when is best to enter markets and make your impact. This is where PatSnap’s email alerts on searches and Discovery topics can come in handy. Set these daily (selecting the option not to send email alerts if there aren’t any updates to the results or industry topic for that day). If it’s a search result, the moment any updates to patent legal statuses, family members, citations, or any of these other criteria, you’ll receive an email alert the same day. If it’s a technology area, topic or company on Discovery, you can receive daily alerts anytime any marketing reports, blog articles, or news on VC investment, grants, tech offerings or M&A are published.
Connecting the dots with an innovation intelligence platform
From accessing globally connected datasets, to aligning your team on the tech areas you’ll disrupt; you’ve just read five ways PatSnap helps you get the insight you need to make better innovation decisions.
By streamlining your workflows, PatSnap allows you to link key concepts and insights together to connect research, collaboration, and action. With your stakeholders speaking the same language, you’ll have all you need to dominate the market with your next biggest idea.
Want to see how these 5 points work for you? Look at our latest eBook which explores how you can use patent data to uncover hidden insight into competitors and markets. Read it here: Why IP data is R&D's new competitive advantage.