In the present fast-paced world driven by technological advancements, Artificial Intelligence (AI) is emerging as a promising technology and is here to stay for many more decades to come. Its ability to handle and manage massive volumes of data both quickly and efficiently, and identifying and analyzing the most optimal solutions, is par excellence. The reason why AI has now become the go-to technology for companies and firms wanting to solve highly complicated issues is its capability to deliver the best solutions in real-time. Like many other industries, Intellectual Property (IP) is also another market where AI can have a profound effect. AI holds immense potential for replacing the traditional manual searches and lengthy decision-making processes by simplifying everyday tasks and delivering increased insight from IP data and related-matters. So, let’s focus on some points, in which AI can prove to be beneficial for the IP industry and offer fruitful outcomes.
Increased Efficiency, Improved Accuracy, and Reduced Errors
The IP industry deals with a lot of data from all across the globe on a day-to-day basis. As most of the information and data are manually maintained, the entire process that goes behind managing the IP Portfolio services is excessively prone to error. For instance, let’s say a company or individual files a Patent Application in India and is looking forward to protecting the same patent in seven other nations as well. After the completion of the Patent Registration process in India, the IP departments and law firms shall send all the patent-related information to all those seven countries, which will in-turn take a lot of time, due to paper works, and manual procedures. Such scenarios demonstrate the immense scope AI has in the field of IP. With the application of AI, the entire workflow process of IP administration will be automated, which shall further increase the overall efficiency and accuracy of the system.
Simplified Processes
For quite a while now, IP filings have grown tremendously, as a result of which, the records and data get piled up, and finding the relevant information becomes exceedingly difficult. By implementing AI technology, all such challenges can be addressed, leading to better time management and increased accuracy. AI can help in segregating the useful data from the non-useful ones and fetching relevant data from the old records as well. With less focus on redundancy and errors, the IP offices shall also be able to concentrate on other productive things.
Managing Data Across Different Countries
The toughest part for the IP Offices lies in managing the data and other IP related-matters across different countries. A brand or business may not necessarily file a patent only in one country – for instance, Microsoft has filed patent applications in several countries as it is a well-known company and has a positive reputation attached to its name. In such cases, dealing with data across the globe in different countries becomes a hectic process. Moreover, transferring IP-related data from one country to another may involve errors, and that is where automation can do wonders by making the data error-free and easy to store.