Keeping an eye on patent that can be yours or someone else’s is called as patent monitoring. Patent Monitoring Alert Reports help keeping you abreast about granted patents and new patent applications. It helps identify problems at an early stage.
Also Read: Patent Monitoring: Basic Facts
New technologies are emerging out for market recognition, every single second, in this ever changing, vast technological era of development. We are living in a world where we even get updates on daily basis for our smartphones.
So, it is really important in the Intellectual Property field to get your invention patented before anyone else gets the idea of it. But, this is not all.
Patenting is not the only task one is required to perform. It is equally important to keep an eye on every move of the competitors or the leading companies in that technological subject matter.
Benefits of using Patent Monitoring Alert Reports
Following are the top 5 key benefits which make patent monitoring process, a desired part for securing your own work:
Prediction of market strategy
A very basic prospect of performing patent monitoring is to understand about the competitor’s market strategy. For example, what is their key function or service through which they are leading in any specific technical area. This will help analyze your own structure and strategy. Hence, it can be improved and build up to that level to get the equivalent success.
Knowing about every move of your competitor can prove to be helpful to you in many ways. You can learn from them about their positives, compare your own work. Also, you can work on the points where they are lagging behind to grow your name.
Identification of infringing technology
Patent monitoring service will help you to check whether your work is infringing someone else’s work or not. This will benefit in securing the extra amount of money you will need to pay, once caught in an infringement case.
Through this knowledge, you might take your invention to another dimension, knowing the fact that your first idea might have caused infringement and you have to modify it in a manner so as to protect it from infringement.
Identification of growth-feasible sectors
It’s better to know about your competitor’s strong areas of growth. This might help you to choose your growth-feasible area. This will help to develop new technology which is yet to be discovered, instead of enhancing one common area.
Choosing a new area will benefit a startup more than any established business, since it will be easier to get recognized in a new field and create a good name in front of customers, than the older ones.
Determination of new areas of investment
Knowing that your competitors hold strong ground for certain technologies and it is relatively difficult to create the same market in your favor. Then, you need to target for new technology-based area where making an investment is less prone to turning into a massive loss.
By this, we only mean that knowing the right area to invest is very big and important task. It might lead you to a total loss of your business idea and bad impact for your brand name, if care is not taken before making up your mind to invest in a certain area.
Identification of weak points in leading corporates
Learning about your competitor’s weak points will definitely benefit you in all your future prospects. Since holding knowledge about their wrong turns, will open up potential areas for your growth in which you can excel while making them your strong aspects.
As a plus point, you can easily predict their action plans and methodologies for future growth. Keeping them as a golden opportunity, you can create your name at their lagging grounds.
After having a detailed analysis of benefits of patent monitoring, it is must to hire an IP advisor to set up a watch that could analyze the competitor’s move through all leading databases, online websites, and journals.
Continuous monitoring and assessment of competitors’ intellectual property activities are the most important strategic business tools. Providing watch reports will help monitor competitor’s activity, thus making you aware about the market requirements.
Avail the Finest Services
We, at The Patent Search Firm, we serve our corporate clients with a range of services, such as Patent Monitoring Alert Reports, patentability search, invalidity search, freedom to operate, patent landscapes, design patent search, assignee searches, biological sequence searches, etc. We serve our clients from more than 45 nations, promising timely delivery with the best in class quality services at the lowest rates available.
Other Related articles:
- Patent Infringement Types and How to Avoid Them?
- What is patent landscape analytics? How will it help you?