Wednesday, June 14, 2017

The Future of Big Data and Intellectual Property; Inside Counsel, June 13, 2017

Amanda Ciccatelli, Inside Counsel; The Future of Big Data and Intellectual Property

"Simon Webster, CEO at CPA Global, recently sat down with Inside Counsel to discuss how big data tools and technologies can be used in the patent world to drastically improve patent analysis – from how behavioural analysis can reveal the likelihood of patent issuance during prosecution to international IP portfolio management.

Today, big data is important when it comes to IP because it can help better decision making. In fact, up to 85 percent of a company’s value lies in its IP portfolio and it is often a key driver in the most high-profile acquisitions and mergers. Almost every company can improve its efficiency through modern technologies to drive increased insight through big data. 

“Companies used to struggle to gain the required insight from data that helped them make better strategic decisions,” he said. “With the availability of on demand computing and storage and the application of artificial intelligence to process vast volumes of data quickly, all businesses are now looking for insight that can help shape company direction.”...

He added, “The argument for IP Officers to be an integral part of the entire business planning and development process has never been stronger. Armed with insight, driven from internal and external data, analysed effectively, IP professionals can extend their reach beyond the IP department and more fully shape boardroom strategy.”"

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