When COVID-19 began companies began cutting budgets due to the unknown of what would happen. Unfortunately when cutting budgets, that typically means a decrease in innovation activities. Many companies and firm took this as an opportunity to take a deep dive and reimagine their business plan and products. Many times leaders make gut feeling decisions in the heat of the moment with out much analysis, which can later lead to poor decisions for the business. In the article, the authors discuss how patent analytics could be a helpful analysis in crisis response. It was found that innovation management can utilize cost-savings by identifying patent families that do not add substantial value to own or third parties. Utilizing firms patents, this can create extra royalty revenue for the firm use to press forward in innovation activities. The article walks through four case studies to show how patent analysis can improve decision making in times of crisis.
The first case shows that patent analytics can help identify patent families to determine if particular families should be abandoned, sold or licensed out. The three actions previously mentioned would help generate income or stop spending money on patents that do not generate revenue for the firm, such as abandon a particular family.
In the second case, the authors review adding a annuity fee which would pose cost savings opportunities. The fees would cover patent office fees which essentially diminishes legal fees for attorneys or patent enforcement costs.
In case study three, patent analytics shows how companies can get a better grasp on their product strategy through patent portfolios. Patent portfolios help firms identify where to seek protection, if they should create more R&D centers, or if a firm should seek partners in product development.
In case study four, information provided from patents allow companies to understand their innovation output and future knowledge flows. Currently innovation patent activity has showed a rise after SARS and MERS outbreaks in the past. Reviewing patent portfolios helps companies understand the magnitude of innovation output.
Overall, the article provides strong arguments as to why patent analytics can help companies grow in the area of innovation. The patent analysis provides in depth reviews of where the company can increase revenue from already existing patents or where they should provide more focus.https://onlinelibrary-wiley-com.huaryu.kl.oakland.edu/doi/full/10.1111/radm.12447