“World trade means competition from anywhere; advancing technology encourages cross-industry competition. Consequently, strategic planning must consider who our future competitors will be, not only who is here today.” – Eric Allison
Competitor monitoring studies act as eyes in the back of your head. Effective competitive intelligence in today’s barrage of technology advancement and an avalanche of IP is nearly impossible without help. It is a strategy to know your competitors’ technology focus. Further, it is always a healthy information to have, that how good is your technology in comparison to the competition’s. Further, it is important to have knowledge about who is patenting in your business space, what they are patenting, when they have filed and where they have filed. It provides great insight into competitive business, technical and product strategies.
Therefore, companies have started tracking their competitor's patent filings. The advantages it provides are:
a) Predict the technology focus of your competitor and what technology they are pursuing.
b) Identify inventions of competitors that may infringe on your intellectual property.
c) Identify whitespace in the technology areas where one can have an IP foothold or technological advantage over their competition.
d) Anticipate competitor activities in early stages so that one can adapt to new market situations prior to any negative business impacts.
Our competitor monitoring service involves a comprehensive study of a competitor’s patent portfolio and patenting strategy. Based on client requirements, competitor monitoring may be a one-time activity or a periodic one.