Even a cursory glance at some of the most successful industry “disruptor” success stories of recent years reveals one key aspect- information is at the core, a lot of information. “Big data” might be everyone’s favourite buzz word, but big data is big business, and it’s changing almost every major industry, and blurring the lines between where the technology industry ends and everything else begins.
AirBnb are a lodging company, using big data and machine learning to determine the perfect pricing level for each of their hosts; Google is a technology company using their massive accumulated information on roads and terrain to help create autonomous vehicles; Netflix used their customer behaviour data to find out what their customers really wanted to watch, and when off and produced it- and that’s just a few examples. Everywhere we look, the next big thing has some big data behind it.
Old vs New- big data in mature industry
The immediate response to the examples above is that it’s easy to harness big data in young, fast moving, tech focused industries, but what about the more mature industries? Of course it’s true that it’s easier to grow big data enabled businesses when you can use the concepts from the ground up, but that doesn’t mean that big data doesn’t have the potential to have a massive, positive impact on more mature industries- provided the thought leaders within those industries are prepared to innovate like the agile newbies are, and integrate big data driven analytics into their business processes.
Just look at the insurance industry, where the smartest, most innovative players are already using big data analytics to find the right predictors of risk which could mean the days of seeking answers to seemingly endless questions to determine premiums may soon be a thing of the past. Retailers are using weather and consumer behaviour analytics to better plan for what products should be available when to achieve better sales. Just because the industry is mature doesn’t mean the approaches cannot be innovative.
Accencio- Big data in intellectual property
Search for images of intellectual property and, ok, you’ll find a few brains with cogs but mostly you’ll find lots of images of dusty old books, wooden gavels and contracts. Everyone here at Accencio disagrees with this representation- ask any of our team to conjure an image of intellectual property and we’ll talk about cutting edge technology, value generation for business, and exciting areas of innovation.
And whilst a good part of our team cut their teeth in the bio-pharma world, it’s not just in bio-pharma where we see big data analytics of intellectual property information having a significant impact in the future- every piece of molecular based IP is a candidate for value creation by our technology and process, irrespective of industry. Value potential exists across all molecular based industries, of course including pharma and biotech but also including agriculture, veterinary medicine, fine chemicals, cosmetics, energy, and beyond. Of course it doesn’t even have to stop there- our conceptual approach is just as relevant beyond the molecular and into the wider intellectual property world.
The key message here is that big data analytics is here, and it’s here to stay, and those companies that embrace its innovative use to find the value locked in their IP portfolios can be part of the game changers leading their company and industry in this fast paced evolving world.
Want to find out how big data analytics of your IP can help improve your bottom line? Get in touch to find out more!