By Noel Young ‑ September 15, 2017
In order to effectively manage IP portfolios, the underlying data must be accurate. Noel Young, Product Manager, CPA Global discusses the importance of quality IP data and available solutions.
Let’s face it – IP organisations have been dealt a tough hand of cards over the years. With more than 20 million-in force patents and pending applications worldwide, organisations require world-class docketing and legal operations groups in order to manage their portfolios accurately. These groups are tasked with ensuring that their organisation’s patents are correctly maintained, but they lack access to clean, and consolidated IP data sources which are integrated with their IP Management Systems (IPMS). As a result, many organisations are entrenched in manual, time intensive, and costly processes to ensure that the right data is entered in the right place. After all, IP lives and dies by deadlines.
How “clean” is your organisation’s IP portfolio? Does your organisation regularly double-check data manually across different global PTO sites only to then spend time manually inserting that data into your IPMS? Do you have mediocre data quality despite your best intentions and processes due to inconsistent data entry, use, and staff turn-over? Is your organisation consistently worried that you are at risk of missing a key deadline? Or worse, do you simply not have the budget to tackle the problem given day-to-day demands?
Further complicating the problem, is that public patent register data is neither static, nor necessarily correct. As an example, The World Intellectual Property Organisation (WIPO) believes 25% of the patent ownership data available on public registers is inaccurate. Further, key dates and numbers are often labeled differently across jurisdictions, only increasing the risk that your organisation may miss or incorrectly enter a value.
IP organisations need a better solution that fits this complicated environment. First, organisations need high quality, up-to-date, public patent data which is integrated with their IPMS. Put bluntly, too much time is spent manually entering and checking data. Second, organisations need a solution which combines the efficiency of automation without compromising the preference to have a layer of manual review. Organisations need the tools to quickly update records based on differences between public sources or opt to automatically accept updates based on differences with public sources. Third, organisations need to be able to measure overall data quality so that they can understand the problem. It’s time to put data quality front and center and address it head on.
At CPA Global, we have spent a considerable amount of time over the years developing a solution to this problem. While supporting thousands of varied global customers, we have developed a clear understanding of how poor data quality can cascade costs and risks throughout an organisation over the lifetime of a patent. Our acquisition of Innography in 2015 was the first step in overcoming this challenge. In 2016, we integrated our PatentScout solution with our IPMS offerings. We are pleased to announce the availability of a groundbreaking data verification service in FoundationIP, powered by our global patent database and matching engine – IP One Data.
Key benefits of FoundationIP’s brand-new functionality include:
February 27, 2020
Inventions becoming inventors… It might sound like sci-fi, but it’s not really such a far-fetched idea. In fact, it’s a ...Read more
June 19, 2019
A comprehensive survey of more than 1,000 patent and trademark practitioners in-house counsel and IP law firms across 80...Read more
June 4, 2019
Working with both law firms and corporates across the Intellectual Property ecosystem, we at CPA Global ask ourselves ev...Read more