Business managers understand the variety of benefits associated with a deep and diversified intellectual property portfolio. But according to Genetic Engineering & Biotechnology News columnist Tom Tuytschaevers, companies could well be sitting on more patentable inventions than they realize.

Patent prospecting, according to the news source, is one of the most overlooked aspects of intellectual property management. By taking a closer look at all the innovation generated internally through research and development, and analyzing the market with a diligent patent search, companies may uncover lucrative opportunities.

"The art of invention mining turns on the ability to ask the right questions, not only to uncover inventions, but also to overcome barriers that may be holding back their disclosure," Tuytschaevers wrote. "In both cases, a little experience goes a long way."

The process is all the more important as companies transition into the first to file era. By fast-tracking application and invention disclosure processes after a patentable invention has been discovered, companies will be able to ensure their hard work is rewarded. According to Forbes, filing a provisional patent is a smart, low-risk way to secure an early filing date for any invention, considering the negligible sunk costs for products that are ultimately abandoned.