There is no arguing that in today’s marketplace companies must innovate to survive. There is more pressure now than at any other time in history for innovation, especially if companies want to be industry leaders. This is because rapidly changing technology is continually driving changes in markets and shifting trends in customer behavior and expectations.
Anyone who is managing their innovation program with innovation software is generally amassing a wealth of data. Many people are looking at that data on an individual idea-level, but it’s actually possible to start looking at that data and identifying new themes, trends, or topics that will inform your strategy in the coming years by grouping that information on tags, text analysis, and more. It can be a trend early-warning system if you pay attention to it.
Many companies pay substantial yearly fees in order to protect their patents. But what business benefit do these patents really generate?