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Why PatSnap's Business Model is so successful?

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PatSnap’s Company Overview


PatSnap is a leading global innovation intelligence platform that provides comprehensive R&D data and analytics to organizations across the globe. The company's mission is to empower innovators to make better business decisions by providing them with a comprehensive understanding of the innovation landscape. PatSnap's platform integrates millions of data points from patents, scientific journals, litigation data, and more, allowing businesses to gain valuable insights into their competitive landscape, potential collaboration opportunities, and emerging trends. Founded in 2007, the company has offices in the US, UK, Canada, Singapore, and China, serving thousands of customers in over 50 countries. PatSnap's business model is based on providing subscription-based access to its innovation intelligence platform. Customers can choose from several subscription tiers that offer varying levels of access and functionality, depending on their specific needs. This includes options for individual users, small to medium-sized businesses, and large enterprises. The platform is cloud-based, ensuring seamless access and updates without the need for customers to invest in additional hardware or software. The company's revenue model is primarily based on these subscription fees. The cost of the subscription varies depending on the level of access and the number of users. PatSnap also offers additional services such as training and customer support, which can generate additional revenue. The company's focus on continuous innovation and providing valuable insights to its customers ensures a steady stream of recurring revenue. Furthermore, as the platform is scalable, PatSnap can easily accommodate more users, allowing for potential growth in revenue as the company expands its customer base.

https://www.patsnap.com/

Country: England

Foundations date: 2007

Type: Private

Sector: Technology

Categories: Data and Analytics


PatSnap’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: provides access, design/aesthetics

Functional: saves time, simplifies, reduces risk, organizes, integrates, connects, reduces effort, informs


PatSnap’s Related Competitors



PatSnap’s Business Operations


Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Combining data within and across industries:

How can data from other sources be integrated to generate additional value? The science of big data, combined with emerging IT standards that enable improved data integration, enables new information coordination across businesses or sectors. As a result, intelligent executives across industries will see big data for what it is: a revolution in management. However, as with any other significant organizational transformation, the difficulties associated with becoming a big data-enabled company may be tremendous and require hands-on?or, in some instances, hands-off?leadership.

Corporate innovation:

Innovation is the outcome of collaborative creativity in turning an idea into a feasible concept, accompanied by a collaborative effort to bring that concept to life as a product, service, or process improvement. The digital era has created an environment conducive to business model innovation since technology has transformed how businesses operate and provide services to consumers.

Data as a Service (DaaS):

Data as a Service (DaaS) is a relative of Software as a Service in computing (SaaS). As with other members of the as a service (aaS) family, DaaS is based on the idea that the product (in this instance, data) may be delivered to the user on-demand independent of the provider's geographic or organizational isolation from the customer. Additionally, with the advent[when?] of service-oriented architecture (SOA), the platform on which the data sits has become unimportant. This progression paved the way for the relatively recent new idea of DaaS to arise.

Market research:

Market research is any systematic attempt to collect data about target markets or consumers. It is a critical aspect of corporate strategy. While the terms marketing research and market research are frequently used interchangeably, experienced practitioners may want to distinguish between the two, noting that marketing research is concerned with marketing processes. In contrast, market research is concerned with markets. Market research is a critical component of sustaining a competitive edge over rivals.

Software as a Service (SaaS):

Software as a Service (SaaS) is a paradigm for licensing and delivering subscription-based and centrally hosted software. Occasionally, the term on-demand software is used. SaaS is usually accessible through a web browser via a thin client. SaaS has established itself as the de facto delivery mechanism for a large number of commercial apps. SaaS has been integrated into virtually every major enterprise Software company's strategy.

Open innovation:

A business concept established by Henry Chesbrough that inspires firms to pursue out external sources of innovation in order to enhance product lines and reduce the time needed to bring the product to the market, as well as to industry or release developed in-house innovation that does not fit the customer's experience but could be used effectively elsewhere.

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