By Simon Webster ‑ May 12, 2017
Diverse viewpoints help us make better decisions and this is one of the reasons why, at CPA Global, we chose “we collaborate” as a guiding principle. We believe in the power of combined strengths, concepts and skills.
There is a growing realisation that building strategies around collaboration can improve efficiency and productivity. But it can be difficult for large organisations to bring people together to share insights and information and challenge silo mentalities.
Through my work with law firms and corporates, I have observed that organisations are still failing to share enough insight between departments. Traditionally, each stakeholder in the idea lifecycle has a unique role to play – completing specific tasks as part of a bigger picture. This may well help with internal efficiencies, but it can also stifle ideas generation. Thankfully, silos in companies are breaking down and it is becoming more common for different departments to communicate and collaborate. This is something we need to see more of in IP management. For a business to make headway in the future of IP, it should not only protect its IP portfolio, but utilise it to gain insight into competitors and wider market trends.
Research, research, research
A recent article in the Wall Street Journal stated, “private fixed investment in R&D surged to 17% in the second quarter of 2016… the strongest burst of R&D spending growth since the third quarter of 2006.” This is welcome news for organisations looking to gain a competitive advantage, and a benefit for consumers and customers looking for new products and services through increased innovation.
When IP specialists are central to a business’ development, opportunities abound. Consider how legal teams make better maintenance decisions with greater visibility of the commercial applications of patents and brands, or how field support teams identify more potential infringers if they are armed with a better knowledge of IP portfolios in their entirety.
Here’s an idea
It is important for all stakeholders to understand the IP tasks that come before or after their input – in other words the whole corporate story to which they are contributing. If this is clear, you can identify how stakeholders at various stages of the IP lifecycle can work together to benefit the bigger picture.
A clearer understanding of an entire IP portfolio helps a business identify areas where investment is needed, where strategic acquisition could take place, or even help to shape the future direction of research and development. This is the role that I firmly believe IP departments and IP law firms will play in the future – assessing the entire IP portfolio and using the insight to help drive future strategic direction. It will be an exciting new challenge for IP professionals.
Collaborate with us
The IP Platform™ - our new integrated technology platform - enables customers to deliver a more efficient IP process. This has value in itself. What excites me most about the platform is the opportunity it provides to generate unique business insight from IP data: to measure a company’s IP portfolio against competitors; to use IP insight to shape future business direction; and to drive increased value from IP data. This kind of insight can be business transformational – and in an increasingly competitive business environment, this kind of insight can help shape the next generation of smart investment.
Read more about the new way to innovate here.
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