When it comes to forming an Intellectual Property (IP) strategy, high-quality, accurate, and relevant data play an integral role. Without any second thoughts, the strength of every other IP asset depends highly on the accuracy of data obtained during the process of data verification. The process offers valuable information, which helps in identifying discrepancies, prioritizing patents, mitigating potential risks, and enabling the team members and managers to make strategic and well-informed decisions. So, let us now make ourselves familiar with a few considerations, which you need to keep in mind while including data verification in your overall IP strategy.
The Importance of Data Resources
The most crucial aspect of data verification is making sure that you have the right access to up-to-date and high-quality resources. It can indeed prove to be challenging for some businesses as the same requires access to various data sources, some of which may not be in the electronic format. Besides, it can become a costly affair to maintain consistent and accurate data entry in your overall IP portfolio, especially at the time of organizational changes, like mergers and acquisitions. As per a report issued by the World Intellectual Property Organization (WIPO) in 2015, somewhere around 25% of the patent data is inaccurate, due to which the data verification process becomes even more challenging.
However, it is imperative to make a point of the fact that maintaining data integrity is critical to securing and safeguarding your Intellectual Property Rights (IPRs). While considering the value of different data sources, it is always worth getting in touch with an IP expert to come across the most cost-effective way of accessing the valuable data.
The Role of Data Management Tools
After defining the accurate and relevant data sources, the next step is selecting an adequate IP data management tool, which helps significantly in accessing the data and maintaining data integrity. Before selecting the IP data management tool, you need to define the specific requirements of your business, as they usually vary from one business to another, and there are a lot of tools available in the market. Irrespective of whether you select one or more tools, you need to consider well all the functions that you require. To be specific, an IP management tool should make all your IP assets more valuable to your business.
The tool used for data verification should also offer protection for sensitive information, such as disaster recovery solutions, access controls, and security against manipulation or theft. Additionally, you should consider the tool as an integral element of your IP strategy as it provides ease of access and transparency and also makes sure that none of your IP operations are hindered. Besides, it is equally imperative to make sure that your IP strategic operations are secure.
It is a matter of fact that yes – integrating a new IP data management tool in your business shall take some time, resources, and money. It is undoubtedly a complicated process, which shouldn’t be taken lightly. Given the complexity of such tools, it is highly advisable to research the potential solutions that can adapt to your future business needs conveniently without requiring excessive time or financial investment. Hence, every other business out there should consider its current and future needs wisely as it becomes difficult at a later stage to make the changes.