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4th February 2021

Benchmarking Report – Key Findings

Incorporating the findings of the “Benchmarking your Patent Portfolio” survey conducted in collaboration with IAM

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Patent owners understand the importance of benchmarking patent portfolios and 98% adopt this approach in support of their patent strategy. Over half, however, complain about the time and expense of benchmarking, and almost the same number state that there is a lack of objective and reliable data. This is more than a coincidence, it’s causation. Make a task hard enough and it’s human nature to avoid it.

Read the Key Findings

Benchmarking is at an inflection point where over half of organisations have access to the data and analysis they require to support evidence-based decisions. The other half still struggle with an information deficit largely attributable to obstacles that machine learning and process improvements can eliminate.

Key findings

98% of patent owners use Benchmarking to support their patent strategy and 89%, for Competitive Intelligence

 

Hear all four Key Findings from the Cipher Report on Benchmarking your Patent Portfolio

Understanding your competitors is a fundamental requirement of benchmarking

88% of patent owners report that benchmarking involves a comparison to competitors. Most use Portfolio Size, Geography, Quality and Age as metrics. However there is a growing trend towards combining this data with other sources of business data to increase relevance to executives across finance, technology and other business functions. This is a topic explored further in our article Beyond Portfolio Optimisation (IAM 100, 2020).

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Benchmarking at the technology level is best practice

Benchmarking patent portfolios must be conducted at the right level of granularity to be actionable. 75% of patent owners report that benchmarking is conducted at the technology level and there is consensus that this delivers more valuable and actionable insight.

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The main obstacles to benchmarking are cost, lack of objective & reliable data & time

While benchmarking is regarded as critical to patent strategy, 53% of respondents state that the primary challenge is that it is too expensive or time consuming. Other challenges include a lack of objective and reliable data (48%) and a lack of industry standards (42%). Efficient access to the data you need is key and Machine Learning solutions like Cipher offer a step change in this area.

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Those who are not taking advantage of this capability risk being at a significant competitive disadvantage. Benchmarking is at an inflection point where over half of organisations have access to the data and analysis they require to support evidence-based decisions. The other half still struggle with an information deficit largely attributable to obstacles that machine learning and process improvements can eliminate.

Cipher Benchmarking Study              Read the Key Findings

 

With Cipher you can…

Portfolio Optimisation connecting cogs

Optimise your portfolio

Ensure you have the right portfolio to meet your strategic patenting objectives.

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Competitive Intelligence

Gather competitor intelligence

Understand who’s doing what by automating patent to technology mapping.

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Cross Licensing

Model cross licensing

Combine patent and revenue data to determine rational licensing outcomes.

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Manage your budget

Justify patent budgets and communicate the impact of your investment.

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Conduct due diligence

Automate manual reviews for efficient execution of M&A and licensing transactions.

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Tackle inbound patent assertion

Be prepared with evidence to create a fast and effective threat assessment.

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Benchmark your portfolio

Assess your portfolio in comparison to other owners through your technology lens.

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Monetise your portfolio

Identify opportunities to create value through licensing or sale of patent assets.

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Predict technology trends

Track new technologies and discover the unknown owners of future innovation.

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Create Risk Mitigation Strategies

Understand the materiality of your threats to define your risk mitigation strategy.

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The Cipher platform was instrumental in providing data to support consumer trends giant Mintel in producing their Sustainability Barometer for 2022.
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Life Sciences top patent publishing list

Life Sciences is a clear leader out of all of the patent categories tracked to chart the pace of innovation. This was one of the lead findings in Cipher’s recent global report.
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