The Power of Portfolio Visibility
The main event now is that we have the business coming to us asking us about our P portfolio, so being able to now classify all of our portfolio in terms of commercial products, technologies, that's a big deal, because now we know where we have our strengths, where we may be lacking, maybe we need to license here, maybe we can license this out. So it's having the insight into the portfolio and being able to provide those reports to our executives.
Anaqua has helped me, helped us definitely with [inaudible 00:00:40] because we're able to have reports done. So maybe we checked reports for cases we were abandoning in the next 3 years let's say. So have we done anything with this? Is it part of a commercial product? is it part of a very important portfolio? If not, maybe we need to do an evaluation and say, "Should we continue to pay for this?" And have these expenses on this case.
We'll look at the portfolio and maybe we're not going to file as broadly as we once thought at the beginning, depending on where the invention is at that point.
The classification at Anaqua is very important for our portfolio managers. They can, assuming that we put in a little bit of upfront work to classify our assets, they can chart out how many assets we have in this group and how many we have in this group, if we're able to get claim information right next to the classification information. We can keep drilling down and get more detailed into breaking down the portfolio.
For our portfolio managers, the reporting functionalities of Anaqua are very important. We have a data team that works with Anaqua as well. The reports that they create are very important for our end of the quarter reporting. They're very important for status checking of our work loads, of our attorneys. The portfolio managers can check on the status of all their cases, they can work on classification projects, they can do all sorts of things.
With our old document system there are a lot of things that we couldn't do. I guess one example would be annuities. Annuity information was not integrated into Anaqua, now we have pretty accurate annuity information we can forecast out. I guess with the old system and the information we had we could forecast out a little over a year, now we have forecast out for the entire life of the patent. That makes things, adding the annuity capabilities into the reports, it makes it easy.
One of the most valuable things about Anaqua is just the sheer amount of data that we can store on all of our case. We have the confidence in knowing that all data is in the system and in the future we can keep building on it and getting more and more out of it. So that helps us feel confident in investing in the system.
For the time being, our patent managers and myself, one of the intellectual property attorneys generate the reports and report those up through various meetings and strategy sessions on the basic data, the routine filings, in which areas, which product areas, how they're doing compared to targets. That's all new, and only with Anaqua would we be able to do that.