Intellectual Property (IP), if managed effectively, can prove to be a critical growth driver for a company, business firm, or organization and have a positive impact on branding, product development, business processes, revenue opportunities, and so on. However, quite often, many companies and organizations overlook the importance of IP assets and protecting their IP portfolios. So, let’s go to the basics and make ourselves familiar with a few tips for managing and protecting IP to walk towards the ultimate path of business success.
Intellectual Property Portfolio Review
Unlike many other business assets, intellectual property isn’t something that you can forget about after setting up; instead, it is most meaningful and valuable when reviewed regularly. Making it a habit to review and assess IP performance, business processes, and spend, can help your business significantly in maximizing its Return on Investment (ROI). For instance, how much a company or organization is spending on administering its IP can reduce the unproductive legal spend. Likewise, process reviews can help in optimizing resources and streamlining everything ranging from ideation to commercialization. To be specific, reviews of IP asset performance show which assets are underperforming, so that the further investments can be made wisely and flexibly.
Data Analysis
In an effective and robust strategy for Intellectual Property Management, data has indeed a significant role to play. With the help of data, organizations and companies become quick and agile in making better decisions. IP metrics allow for a thorough insight throughout the complete IP workflow process. Quite often, organizations de-prioritizing IP Management against other functions forget to capture this data. Without a proper and adequate assessment of this data, any organization would risk making its business-related decisions blindly. A few examples of the data-related points are as follows:
- Number of inventions or innovations generated
- Time-spent on innovation-related activities
- The ratio of issued patents to the patent applications filed
- The ratio of prosecution costs to the issued patents
Automation
The process of automation streamlines intellectual property management and further reduces the chances of errors. For instance, it is a matter of fact that yes – processes completed on papers or via emails make it difficult for a business owner or entrepreneur to come up with an improved end product. Besides, the details and information can be easily lost as well. Hence, by automating processes, your organization will have more control over the details, which shall, in turn, give the IP team or department more time to focus on strategic planning and execution.
Intellectual Property Management Software
Intellectual Property Management Software enables organizations and companies to keep track of all the IP details and other related matters. Such systems give a more defined control on your entire inventory of IP along with its status, reports, analysis, and reminders, via much greater visibility. Hence, by implementing IP management software, you can cut down efficiently on both time and money, and generate additional revenue opportunities.