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Competitor Monitoring & Benchmarking
Competitor Benchmarking
Competitor benchmarking refers to the process of comparing your company’s performance in terms of business, sales, profits, market strategies, products, services offered, customers, and investors with that of your competitors. Competitive benchmarking aids in the identification of a competitor’s strengths, weaknesses, and market potential.
Competitor benchmarking keeps you up to date on what your competitors are up to, and you can leverage their insights to improve your product. By keeping an eye on your competitors’ IP, you get to know about new inventions in particular technology or domain, being focused on by your competitors.
Competitive analysis and benchmarking of various competitors based on R&D activities, current trends, new product/ technology development activities, key inventors, and patent application filing trends can help to identify new business opportunities and threats. Therefore, in order to stand out from the crowd, it is imperative to identify competitors’ performance and develop product lines accordingly.
Challenges Faced While Benchmarking Your Competitors
As large sets of data are to be analyzed, a well-structured approach is needed.
Complete manual research & analysis resulting in a higher cost of review.
Limited search capabilities reduce the scope of covering comprehensive datasets related to benchmarking criteria.
Insights are not released through a unified platform, and no interaction with multiple data sources or cutting-edge analytics tools exists.
Our Services
Exhaustive Patent and Non-Patent Searching
We provide a thorough investigation of prior arts such as patents, research papers, and products on different paid/non-paid/our proprietary databases.
Claim Chart Preparation for Invalidating the claims
We assist clients in preparing a solid claim chart that entails a thorough mapping of claims to the identified prior art.
Our domain experts create strong claim charts to ascertain the overlap of the identified prior art technology with the patented subject matter.
Standard Searching
Our expert team assists clients in finding relevant standards that may potentially invalidate the claim of the patent in question in addition to normal patent as well as non-patent searching.
We also have our in-house standard search tool from XLPAT/XLSCOUT.
Native Language Searching
Apart from English language searching, we have a team of experts capable of formulating queries and conducting searches in native languages, including but not limited to Korean, Chinese, Taiwanese and so on, in native databases such as KIPRIS, J-PLATPAT, TIPO, CNIPA, ETC.
Our Methodology
Competitor Benchmarking
The main aim of the invalidity search is to unearth conventional wisdom that was likely overlooked by the examiner, which may potentially question the novelty, non-obviousness, or inventiveness of the patent.
Understand
Analyze
Mitigate
Our Methodology
Identification of target technology/Sub-technology domain(s) by analyzing the client’s portfolio.
Mining of IP Data & Commercial Data for each targeted technology/sub-technology domain.
Identification of Top Players/Companies based on the IP Data & Commercial Data and Perform Top Company’s Analysis & Profiling.
Determination & Creation of key parameter metrics for benchmarking competition.
Compare the Client’s Portfolio with the top players/companies against the determined key parameter metrics.
Key Insights based on the comparison & profiling.
Why TT Consultants?
Internal tools to make large PDFs searchable with proximity operators
Provision for image-based search and native search.
XLSCOUT Patent Invalidator+ Tool – AI & ML Driven First Cut Analysis
In-house knowledge/keywords Database (Technical Corpus)
Blend of Human & Machine Intelligence - Use of BERT, NLP, Cognitive Computing, ML, etc. in initial screening of results.
Standard Search - In-house developed Standard Search tool for better searching within long documents.
In-house video search tool which extracts all the relevant videos, scrapes the captions/subtitles and makes it searchable in a limited time.
Experienced Team comprising Ph.D. holders, Indian Patent Agents, and Master's degree holders from reputed universities having expertise in core domains.
Clients Testimonials
Blogs
Blogs on Competitor Benchmarking
Get the Latest Technology Insights with our Industry Focused Blogs
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FAQs
What is competitor benchmarking?
It is the process of comparing your company with your competitors based on a specific metric. For E.g., rather than for the entire company of interest, patent statistics and targets are calculated for each division/tier one business/strategic business unit. This enables each division to create competitive criteria and aims in reference to its competitors. The competitive criteria remain the same for all the competitors for benchmarking competition.
What are the benefits of competitive benchmarking?
You can monitor your competitor’s activity and extract insights to improve your product. Further, competitive analysis and benchmarking provides a SWOT analysis of the company of interest, through which you can explore new business opportunities available in the market.
What are the methods of competitive benchmarking?
The four ways of benchmarking competition have been described below:
Top-Line competitive benchmark analysis includes an evaluation of a company's performance regarding sales.
Bottom-Line competitive benchmark analysis includes assessing how well a company has done in terms of profits.
Operating benchmarks include an evaluation of a company's performance regarding its costs.
Strategic benchmarks evaluate how well a company has performed against its own goals.
What is the risk associated with competitive benchmarking?
Competitive benchmarking is an effective tool for improving your business’s performance. However, this can sometimes mislead you about your business objective. For example, suppose your competitor is using cheap quality products and if you adopt that product type in your company, this may not be fruitful for you. So, in that case, there is risk associated with implementing insight extracted from your competitor’s activity. Hence, before making any amendments to the current strategy, future challenges should be considered, and business strategies should be planned accordingly.
Who should track the patent portfolio for competitive benchmark analysis?
Companies, R&D managers, patent attorneys, strategy makers, and IP counselors should keep an eye on their competitors’ patent activity. This monitoring of the patent’s activity helps in identifying the technical area being focused on by your competitor.