Research show that use of big data is becoming a key way for leading companies to outperform their competitiveness and enable growth of the firm. It is evidently that traditional business models do not work anymore and that data innovation and usage of big data helps to organize, manage and create new business models
But how is Big data affected by Intellectual Property?
Big data has an increasing economic value, which raises several legal issues. Data is different from other physical assets, it can be easily and perfectly copied, same piece of data can be used simultaneously by more than one person, and combined with other data, it is hard to know who is the owner of a piece of data, what defines fair use of data and so on and it is even harder to maintain proper privacy.
Privacy issues will be especially important to consumers, especially sensitive data such as health and financial records. This kind of data in a way presents the most valuable information for creating enormous human benefits, such as helping to find the right medical treatment, but are the ones that have to be carefully used and kept private as much as they can. Companies usually include ethical use of data in their data governance program.
Recent case of Google Street View found out that Google collected WIFI data, emails, passwords and other private data in more than 30 countries while photographing cars. Google settled the cases and in one agreed to destroy the data collected whilst launching a campaign to teach people about protecting their data. In other Google agreed to destroy the remaining data collected with Street View and agreed to use data collected from WIFI networks only with consent. Google also paid $13 million dollars.
1. Big data is becoming increasingly important tool in valuing IP portfolios and in analysing patents.
2. Big data enables an increase in understanding of current business conditions and trends.
3. Big data can be used in each step of the patent lifecycle. It can help to determine which patents to pursue, to analyse and understand competition so that you can determine whether to file or not, it helps to determine whether it is better to sell or keep patents, which are the strongest patents in portfolio, manage litigation strategies, finding the best attorney and so on.
Nowadays, big data is accessible for smaller and bigger companies and it helps provide better customer service and follow trends, increase profitability and thus play a significant economic role for businesses. Companies that make use of big data can increase productivity, make fast and knowledgeable business decisions, making them more competitive, create more efficient internal operations and agile workflows. One of the main factors of Innovation acceleration is interdisciplinary collaboration and data scientist input. To capture the full potential from big data, organizations will have to deploy new technologies and techniques.
Before you try and innovate with big data, you should follow a few simple rules.
- Invest in technical training for your data specialist, which will help innovation. Your data specialists should have broad knowledge of the domain where your company is working
- Quickly react and act on fast data, that streams into your company and create immediate business opportunity. It helps you make more personalized experiences for your costumers based on data, helps you act on trend and give you greater costumer insight.
- Educate yourself and your team on extreme importance of privacy and Intellectual property
General remark: it is also time that policy makers provide the institutional framework to allow companies to easily create value out of data, while still provide security of sensitive personal information of costumers, encouraging education of data analysis and creating intellectual property framework that promotes inventions.