Objective measures make for reliable comparisons
Benchmarking your patent portfolio against others requires being able to see and compare others through your own technology lens. Cipher provides an objective and repeatable way to benchmark your portfolio against your known competitors and new entrants.
Have you ever asked these questions?
What’s the best way to compare my portfolio to others?
It is important to compare your patent portfolio through your own technology lens so that comparisons are aligned to your view of the world. Cipher enables you to build technology classifiers that maps both your, your competitor’s and third-party patents to the same scope. Best practice suggests that you incorporate revenue into your model, as fair comparisons need to take account of these differences. Optimisation Model
How do you take account of quality as well as quantity?
Cipher includes quality scores linked to citations, age and geography. These need to be combined with your own internal and subjective weightings. These include information about patents that have been successfully licensed or litigated. In many cases this may have more to do with the importance of the technology as the relative difference between patents in the same technology area.
What metrics make the most sense to CTOs and CFOs?
Increasingly patent teams produce dashboard tracking key indicators. CFOs often need to visualise the connection between cost and value, while the C-suite focus more on how the patent portfolio supports business strategy. Cipher supports the business in the design, development and delivery of custom dashboards.
If these are your issues, Cipher can help you.
With improvements in AI technology and other analytics platforms like Cipher, today we are able to understand the numbers of patents that are relevant to certain technology areas at a push of a button.
Jeremiah Chan, Head of Patents, Facebook
How to use Cipher to support benchmarking
Define your objectives
Use Cipher to support the initial evaluation by defining the appropriate patent metrics whether age, geography, cost or other objective measures
Define your taxonomy using Cipher to cluster or classify patents by technology and compare to competitors or other comparables
Develop a custom dashboard
Deliver dashboards that benchmark objectively and repeatedly using Cipher to support evidence-based patent decisions
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Our issue was how to fit other companies’ portfolios into that same framework that we use and there’s just no other tool other than Cipher that can do that.
Bob Pechman, Chief Intellectual Property Counsel, Seagate Technology
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How can you know who to benchmark against?
Identifying your main competitors is straightforward, even if they differ by business unit. Cipher has automated the production of global patent landscapes using classifiers. This is a great way to identify companies outside your sector, including start-ups and Universities.
How can you be sure Cipher is accurate?
Cipher’s machine learning algorithms can be tested for accuracy using established measures of precision and recall. Cipher has published a peer reviewed paper in World Patent Information establishing its ability to achieve 96% accuracy.
What are the benefits of automating the production of benchmarking data?
Automation saves time and money. Cipher is an efficiency play. It also has the benefit of generating data that is consistent, objective and repeatable; eliminating unavoidable inconsistencies which are inevitable using conventional (Boolean, keyword and codes) approaches.
With Cipher you can also…
Trained by humans, built by machine to give you independently verified accuracy
“Cipher’s classifiers enable you to understand the patent landscape or analyze a portfolio. Combining expertise in both IP and data science, Cipher provides you with solutions to the strategic problems patent owners face, with quick and accurate results.” Erik Oliver, Richardson Oliver Insights