How Can an Organisation Use Patent Monitoring to Track Competitors?

Businesses or companies give their efforts to encourage distinctive inventions, innovative processes & designs to develop profit-generating products & services. These intangible assets are generally safeguarded by the IPR (Intellectual Property Rights) like Patents. However, simply safeguarding Intellectual Property is not sufficient to remain competitive. Companies or businesses with a strong IP strategy also need to monitor & track their competitors or opponents’ IP regularly. This write-up discusses how an organisation can use Patent Monitoring to track competitors and their Patent filing.

What do you mean by Patent Monitoring?

Before we discuss how an organisation can use Patent Monitoring to track competitors and their Patent filing, it is vital to understand the meaning of Patent Monitoring. Nowadays, the industrial environment is characterised by a quick pace of innovation; it wouldn’t be an amplification to say that new innovations or technologies are seeking acknowledgement in the market at a unique rate. Under such a condition, Patent Monitoring permits businesses or organisations to keep looking on their own and opponent’s Patents to recognise threats & opportunities at an initial stage. It aids organisations to stay updated about existing Patents, inventions, and Patent filings of their opponents. Moreover, it aids them to recognise new applicants in the business area.

Patent Monitoring is a vital process that can involve high-cost investments regarding gaining access to databases. While big firms can easily choose the process, small to medium-sized enterprises need to be very careful while evaluating the requirement for Patent Monitoring to make their investments successful. In any conditions, the significance of the process cannot be highlighted enough. According to the reports, in the last few years, the USA has observed an increase in Patent application filings from 433,000 to 521,000. This means that several entities are actively filing Patents for their innovations. Due to this enhanced Patent filing, there is a development need for organisations to use Patent Monitoring to track competitors and their Patent filings.

Use of Patent Monitoring to Track Competitors

Following are the uses of Patent Monitoring to track competitors:

1. Seeking for New Applicants: The risk of new applicants in the technological field is ever increasing. For instance, the predicted growth of the blockchain technology market is enough to forecast the entry of new players into this field in future. Thus, Patent Monitoring can aid organisations or companies to outline their technological domain and keep looking for new applicants who might become possible threats.
2. Forecasting Market Strategies: This is one of the vita uses of Patent Monitoring to track competitors. With a detailed understanding of their particular technology domains and Patent landscape, forecasting future market trends and product inventions becomes easier. By recognising gaps in existing inventions & products, Patent Monitoring can aid companies or organisations to predict trends in market strategies.
3. Payment of Patent Allowances: The process of Patent Monitoring not only aid in tracking competitors’ Patent filing but also the payment of Patent allowances by them. For instance, if an opponent or competitor decides not to renew protection for its particular Patent, it is possible that the Patent may become outdated soon. This information can be used by researchers or experts who can then develop & advance their innovations based on their updates.
4. Observing Filings in the Area of Interest: Worldwide leaders in the IP sector have been using Patent Monitoring services & processes to increase information regarding their competitors or opponents’ IP. Moreover, it has helped to get more knowledge regarding their respective technological domains of innovation. By tracking Patent application filings in their area of interest, organisations can get a better idea of their company’s Patent landscape.
5. Understanding the Jurisdiction & Outreach of Competitors: An efficient Patent Monitoring strategy exceeds geographical barriers, enabling companies or organisations to have a complete picture of their technological area. Moreover, Patent Monitoring efficiently lists the jurisdiction in which opponents or competitors are filing Patents. It helps the company to aim for a similar, if not extended, Patent protection coverage.
6. Determining Freedom to Operate (FTO): Continuous Patent Monitoring also helps businesses to find out their Freedom-to-Operate in various different jurisdictions; to assess whether it is commercially safe for them to sell their product in a region without violating the active Patent claim of any 3^rd party. Without Patent Monitoring, a company or organisation may unknowingly violate 3^rd party Patent, and this can create infringement litigation.
7. Recognising Interest Domains & White Spaces: Even if a particular technological domain sees extensive Patent filing. These white spaces can be recognised by regularly Monitoring opponents or competitors’ Patents. By following this, IPR protection^[1] can be sought by covering these special domains of interest.
8. Recognise Domains for New Investment: Upon recognising gaps in the innovation process of their competitors, companies or organisations can deliberately plan their investments into newly developing technologies. With a thorough & well-updated Patent monitoring system, the process of recognising these gaps becomes easy and reorganised.

Conclusion

After discussing the uses of Patent Monitoring to track competitors, it is clear that regularly updating the details collected through Patent Monitoring can aid companies or businesses to develop their own IP strategy. Also, since Patent monitoring is a constant process, its costs should be examined using a valid budgeting technique. This will help the company know the trade-offs between indulging in Patent Monitoring & cost-saving.

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