In today’s global innovation economy, the demand for various Intellectual Property Rights related matters like trademarks, patents, copyrights, industrial designs, domain names, to name a few, is increasing at a high pace and becoming more complex. Artificial Intelligence (AI) has been a promising technology for decades which can be used to offer solutions to age old issues and challenges faced by IP Portfolio Management Services, and has the potential to transform service delivery and administration at IP Offices (IPO).
What Is Artificial Intelligence?
Artificial Intelligence (AI), an area of computer science, sometimes called machine intelligence, is the simulation of human intelligence processes by machines, especially computer systems. It consists of machine learning, natural language processing, and speech recognition, expert systems, robotics and machine vision. AI has the ability to quickly manipulate huge volumes of data, efficiently identifying patterns and analyzing the most optimal solution which can be applied to various day-to-day scenarios.
Managing Intellectual Property Rights With Artificial Intelligence (Ai)
Intellectual property rights are the legitimate rights given to people over the innovations of their minds like inventions, brands, new technologies, source code and artistic works. In the Intellectual Property industry, AI can be utilized to simplify everyday tasks of manual searches and lengthy decision-making processes. It can also have a profound effect by delivering increased insight from IP data.
Role Of Ai In Intellectual Property (IP)
As AI is beginning to enter into almost all business sectors around the world and into every area of human experience, it has become imperative for businesses to create a workable strategy to protect their IP rights in AI.
Corresponding to Intellectual Property, AI can help in:
Minimizing Risk And Increasing Efficiency:
IP administrative tasks take an enormous amount of time in processing IP data and are considered as one of the most risky areas of IP. For example, for every filing of Patent Application, there is a chain of people, processes and paperwork involved. Along the way, many documents are submitted and many items of paperwork will be generated. All this information is then assessed manually and entered into an IP management system, with limitless opportunities for error. However, IP is a valuable asset for every business and a data processing error could cost a lot of money. Therefore, AI which is proficient in processing large sets of data quickly and precisely can offer help in both efficient and accurate ways. As a considerable amount of time is also wasted while the manual labor is involved in inputting data, AI can help in speeding up updating, searching and sorting by using automated data submission.
Driving Insights And Development:
A large and extensive IP data portfolio is likely to have its own weaknesses which possibly restrict a company’s ability to strategize and manage processes such as renewals. Moreover, the firms are also limited in their staff to successfully oversee and draw insight from the portfolio. However, with the application of AI technology within IP management, large sets of data can be analyzed which shall indicate where a firm’s portfolio of IP is strongest and weakest. It will definitely serve to improve predictions, accuracy and enable companies to know and understand more about the potential opportunities in new markets.
Search Process For Increasing Ip Assets
Patent filings have been increasing for 20 years and according to World Intellectual Property Organization (WIPO), there was a growth of 7.8% in the filing of Patent Application between 2014 and 2015. With the rapid increase in the number of IP assets across the globe, there has been a corresponding increase in the amount of IP data and resources required to process it. With static search databases being the only tool for support, it is becoming more difficult day by day to find relevant information in this vast amount of data.
However, AI and Machine Learning (ML) can be extensively used in not only automating the search process of massive databases but also in improving the accuracy of future searches. Also the research that would have previously taken months to accomplish could be slashed dramatically by deploying AI in the most effective way.
AI is now simplifying many jobs by delivering increasingly sophisticated insight into the data of various companies that need to solve complex issues. When it comes to IP portfolio management services, AI can undoubtedly empower IP professionals and experts. As everyday IP tasks can be time intensive, AI can help professionals to advance their processing time and data mining capabilities. This will lead to reduced risk and improved efficiency across the entire boards for law firms and corporate IP departments. This technology will also serve to generate business insight which can open up new markets, expand the scope of Intellectual Property Rights laws and drive improved accuracy while minimizing the risk of IP insight.