By Haydn Evans ‑ June 29, 2017
Part of staying relevant in any field is pausing every once in a while to take the pulse of the landscape in which you operate.Given that IP management – once considered a back-office functions used for defensive purposes – now serves as a core contributor to business strategy (with the potential to add billions to balance sheets), there exists more complexity for law firms seeking to satisfy many varied demands against a backdrop of tighter budgets and resources.
So, we wondered: Has IP management technology kept pace with these changes? How might IP lawyers, administrators and IP professionals harness new technologies to better respond to the challenges they face?
B2B International, an independent research firm, helped us take the pulse of the IP management technology field. Our white paper The Future of IP Management Technology (Law) revealed some surprising – and not so surprising – findings about the current landscape, market expectations and technology’s potential for making IP management more straightforward, cost-effective and rewarding.
Here are a few highlights from the white paper:
IP MANAGEMENT TECHNOLOGY: THE CURRENT LANDSCAPE
Law firms and IP departments today are compelled to deliver more value, despite tightened budgets and resources. The complexity of existing technologies, however, fails to bridge the gap, seemingly conspiring to make work more challenging and time consuming. These gaps include:
IP MANAGEMENT TECHNOLOGY: ADVICE TO TACKLE THE ROAD AHEAD
The wheel of innovation is far from slowing down, and staying current with trends, competition, new technology and market developments is challenging and expensive. Further, it’s complex and time consuming to ensure software is up-to-date, potentially impacting the ability to share vital information with additional key stakeholders and decision makers.
7 in 10 of our respondents agree: IP management technology will become more important to their business in the future. Our research revealed four imperatives in order to stay current and technically up-to-date:
IP MANAGEMENT TECHNOLOGY: TOMORROW’S POTENTIAL
IP professionals are savvy. They want solutions that make their work easier, more cost-efficient and valuable to their businesses. Some elements, like great customer service, however, never change. At the most basic levels, our respondents want and expect tomorrow’s technologies to be:
|User-Friendly||Provde Big Data Insights|
Why? Law firms and IP departments increasingly know that good technology can help them provide great service, work to tight budgets and enable their clients and businesses to get ahead of the competition.
IP MANAGEMENT TECHNOLOGY: ENABLING THE FUTURE
How do all these needs meet future landscape expectation? In a word: The Cloud. Future solutions need to integrate data, processes and insights to support new and more effective ways of working. Our respondents told us that the two biggest trends (within the next decade) to help accomplish these goals are:
“It’s time the industry caught up with the technology we use every day in other products, such as iCloud for mail and photos.” – IP Consultant at European IP Law Firm
CPA GLOBAL: THE FUTURE OF IP MANAGEMENT TECHNOLOGY
Interesting, isn’t it? We couldn’t agree more, and invite you now to download the full report here. You’ll better understand the space in which you operate, and avail yourself to the opportunities which we afford your business. Better IP management awaits.
Click here to receive your advance copy of The Future of IP Management Technology
Or, for more on our law firm technology solutions page, click here.
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