AI in the Industry – Patent Mining

Artificial intelligence has many applications in the industry. MEJOIN would like to present some application examples in the next articles.
The first application example is patent mining. Patents serve to protect the intellectual property of individuals, organizations, and companies. Besides, patents also have use for the whole industry. They can be used to identify technical correlations and future business trends. Patent mining is thus used as an innovation driver, identifying new fields of innovation or research trends based on existing patents. However, the problems of patent mining to date are that specially trained specialists are needed to find and classify the good patents. Besides, many patents are not easy to find, and therefore a lot of time and money is required for searching. Here, AIs should help to save money and time and to increase the innovative power.

Imagine a medium-sized company that does not have large funds available for research and development, but still needs to be innovative to survive in the market. For this purpose, Patent Mining is a perfect opportunity to increase creative power. However, the skilled personnel and the costs for such a procedure are not affordable for every company. As several million patents are filed worldwide every year, the company needs a more profitable solution. This is where AI comes in, which can take over patent mining. For this purpose, exemplary patent texts are sent to an AI to detect connections between specific research areas and frequently occurring phrases or words. This way, new or promising fields of research can be discovered, and complex relationships between different worldwide patents can be revealed.
For the medium-sized company, this, in turn, means that innovation and market stability can be secured. Also, time and cost savings can be realized immensely, and yet an overview of current technology trends and market gaps is generated.

Here the AI serves to minimize the differences in competition and to make it easier or even possible for smaller companies to enter the market.

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