Key Takeaway
Due to the increasing amount of data available online, businesses have access to more forward-looking competitive insights than ever before. Information found in patent filings and applications offers a strong indication of a company’s intended next steps, and where it’s investing in research and resources. Companies looking out can use this external data point to inform their own strategy.
Case study: Apple integrates personal healthcare offering
In 2015, American tech giant Apple filed a patent application for a wristband that monitors blood pressure.
The patent for this device was filed initially in June 2015, and only recently granted to the company by the US Patent and Trademark Office. The device, as described by thepatent is “a low-profile blood pressure measurement system.” Apart from the Healthkit launched by Apple in 2004, this device could potentially be Apple’s very first healthcare product. The instrument is meant to be cuff shaped and worn on the wrist. It will be equipped with a sensor that tracks blood pressure, and notifies the user when their blood pressure oscillates between high and low.
Apple’s product, however, is only in design stage and sounds quite similar to the Japanese medical giant Omron’s fitness watch, due to be launched soon. TheOmron’s Heartguide also tracks blood pressure and provides real time data on fitness and sleep. Omron also previewed its new Omron Connect App, which syncs with Omron-connected devices so consumers can store, track and share heart health data with their doctors for better treatment and better outcomes, as per their press release published earlier this year.
The patent’s approval may signify a coming healthcare launch for the tech giant. Given this indicator, competitors can then look to a number of external data sources, from social media conversations to new keywords purchased on Google AdWords, to determine what their move might be and when it’s coming, so they can remain ahead.
Patent filings as leading indicators
Patent filings in the mobile and hardware industries often leave glaringly obvious clues about their intentions well in advance of a release. Motorola recently filed a patent for a smartphone screen that can bend and fold without breaking – something a number of competitors, like Samsung and Apple, have been working to achieve. This could indicate Motorola has made significant progress and is nearing a product launch to get back in the smartphone game.
In the entertainment industry, on the other hand, production houses will file patents around existing stories and characters, which can indicate new releases to come. Disney recently filed a patent for the design of a shield used by Avengers character Captain America. Some speculate this means there may be a new Avengers Disneyworld attraction in the works.
Perhaps most significant is Uber’s latest filing, for a patent related to machine learning technology that can predict when a passenger is drunk, signifying a coming focus on passenger and driver safety and potentially new regulations.
Following the trail of online breadcrumbs companies are leaving behind means looking for clues in data beyond what’s immediately available inside your company walls. From patent filings to social conversations, to changes in market cap and more, it’s never been more important to incorporate Outside Insight into your everyday decision-making.
