- Artificial Intelligence and Intellectual Property are both changing a wide range of industries.
- AI-driven big data analytics and one-click solutions are already in use in IP work.
- It is highly likely that AI will continue to reshape the way IP work is done.
- Those who embrace AI and these new methods will have an advantage over those who do not.
Without a doubt, artificial intelligence (AI) is transforming the world around us, in just about every industry that comes to mind. Nowhere is this more true than in the intellectual property (IP) field. Already, big data analytics tools are crunching vast reams of patent data and transforming it into insightful visualizations. One-click solutions are cutting through the drudgery of most of the repetitive patent work of the past and are providing actionable intelligence in an instant.
AI will continue to play an increasingly important role in the IP industry, and those who embrace this seismic shift will have a distinct advantage over those who remain stuck in the past, using the older, traditional methods.
How to Succeed in The Era of Artificial Intelligence and Intellectual Property
With this in mind, we would like to share our thoughts and observations about artificial intelligence and intellectual property. In particular, on five essential ways that AI is transforming the IP industry, so that the IP professionals reading this will be in a better position to succeed in their work (and not get left behind.)
1. In the AI era, the importance of quality data cannot be overstated.
In the past, very few people in the IP industry understood the importance of quality data and how it can genuinely be considered the foundation of the IP business.
Nowadays, the importance of quality data is beginning to be recognized. This means not only data from the most important major offices, such as the IP5 and WIPO, but also data that has been processed and cleansed, eliminating any mistakes, inconsistencies, or inaccuracies. After all, without the highest quality data, the highest quality business decisions cannot be made.
As AI continues to play a more significant role in the IP field, IP professionals should make sure that the tools and patent intelligence platforms they use have the highest quality patent data.
2. The role of a traditional patent search is becoming less and less important.
Remember the “good” old days when all IP professionals had to learn all about complicated search terms, keywords, and Boolean operators in order to get results? Even then, a patent search usually meant that one had to search, search, and search again.
Today, in the AI era, the role of AI-driven solutions is becoming more and more critical. One-click solutions, like Quality Insights (QI) and Due Diligence (DD), already exist, and they can collect and aggregate all of the data that the patent searcher wants.
Of course, it is too soon to say that AI solutions will completely replace traditional patent search methods. However, it does seem clear that AI solutions may usher in a new era when it is easier than ever before to have the information one wants in a timely, immediate manner, delivering “what you want when you want it.”
3. The integration of artificial intelligence and intellectual property is allowing IP professionals to spend more time on strategy (and less time on search).
As mentioned above, AI solutions are increasingly allowing IP professionals to shift their focus away from patent search and traditional patent work, freeing them up to spend more of their time on analysis. This will enable them to come up with actionable insights and develop effective strategies.
These insights and strategies can then, in turn, be shared with top executives or clients and play an essential role in helping them to achieve their goals.
With AI and the one-click solutions that are available today, the role of the IP professional is becoming more like that of an informed advisor, who can provide data-driven insights that enable better business decisions to be made.
4. With AI solutions, all stakeholders can access the same IP data.
In the past, most clients and the people in an organization had no way of quickly accessing patent data. This meant that they often relied solely on one or two individuals to provide them with a report and an opinion.
Nowadays, however, AI solutions are making it possible for all stakeholders, including IP practitioners as well as their clients, boss, and company, to have access to the same data.
This means that when artificial intelligence and intellectual property work hand in hand, anyone in the organization–at any time during the work process–can check on this information, without having to wait for a single report to be presented at the end.
Those IP professionals who embrace AI solutions and the increased accessibility to the IP data they make possible will be in a better position to communicate with other stakeholders in the company and build more stable and productive working relationships with them.
5. Solutions of artificial intelligence and intellectual property deliver greater transparency, increased accessibility, and more effective teamwork.
In the past, a client, boss, or company only really had access to IP data at a single point in the process, which was usually at the very end.
Today, however, AI solutions have made it possible for stakeholders to have access to all of the IP data at any time throughout the entire process.
Additionally, patent workspaces, like Patent Vault, have made it easier to accumulate different people’s opinions and share them with other project members, so that better decisions can be made.
Thanks to new AI solutions, the days of working separately in silos may be coming to an end. With the cross-team and even cross-organization functionality these solutions provide, effective communication has never been more accessible, meaning better teamwork and more informed decision-making.
Clearly, these are just a few of the changes that AI is bringing to the IP industry and the ways that IP work has traditionally been done.
For us, these changes are exciting, since we believe that AI solutions will allow IP professionals to work more effectively and enable them to achieve even greater levels of success. At the same time, those who do not adopt these new methods face the very real danger of being left behind.
Right now, we are still in the early stages of the AI revolution. However, make no mistake–AI is transforming the world around us, and we at InQuartik are striving to lead the way in the use of AI-driven solutions to transform the IP industry.