There are a number of emerging issues facing IP management teams, all of which make a comprehensive IP strategy more and more difficult to implement:
- IP departments are being tasked with an increasing volume of global patent filings and are struggling to keep up with the speed of innovation
- A great strategy involves more collaboration outside the IP Department, which can be challenging for the already time- stretched IP practitioner
- Aligning IP strategy with business goals and objectives is more important than ever
- Legacy tools and process can make progress slow, limiting the ability to achieve strategic goals
- Competitor patent activity is at an all-time high, and keeping abreast of third-party IP threats and opportunities can prove extremely challenging
- Ongoing changes in patent systems and laws can overwhelm already strained IP departments
According to the World Intellectual Property Organisation (WIPO) statistics database, more than 2.6 million patents were filed globally across more than 160 patent offices in 2014. This number has increased every year since 2009. Further, there is almost three times the level of filing activity since 1990.
As a result of these increasing pressures from multiple directions, it is becoming more challenging for IP professionals to keep on top of their workload and manage expectations. But in today’s competitive global markets, simply getting IP over the line isn’t enough – IP owners want to see the realization of IP strategies that help them to win.
Tools of the IP trade
Automation, outsourcing and IP management software (IPMS) help IP departments and legal firms to manage their IP portfolio more efficiently, and mitigate the challenges they currently face.
As these solutions become more sophisticated, progressive IP professionals are afforded the time to consider IP portfolios at a strategic level. What is the value of this IP to the business and in which countries? How do I ensure my company is effectively protected? What is missing from my IP portfolio?
Developments in tools, such as the IPMSpromise to help streamline workflows and simplify IP processes in ways that empower IP professionals to focus on more strategic, value-creating activities. But their ability to make the very best decisions can be super-charged if their internal IP data management practice (via the IPMS) is enriched by the application of external IP data, which enhances IP intelligence and delivers better and broader IP insight.
The future of IP
The future of IP creation is about leaner, faster, more informed innovation. In this environment, companies can better understand where the best opportunities lie for investment, so that they support, protect and advance the ideas most likely to secure advantage in today’s competitive markets.
But the future of IP will also involve much more automation, fundamentally changing the way non-discretionary IP tasks are completed. Today’s technologies are set to transform tasks such as filing, docketing and renewals. Moreover, APIs will be available for patent and trademark offices, making connection and collaboration between the various parties involved in the IP lifecycle faster and more efficient. The transformation is imminent.
Implement IP strategy and accomplish your tasks
We will be sharing our vision for the future of IP at our forthcoming software conference in Nashville. See the highlights here.
CPA Global has world-class IPMS systems that empower corporations and legal firms to achieve excellence in IP management today. We also have an advanced suite of information products to support the very best IP decision making for the future. With these tools at your disposal and the revolution of our task-oriented support services fast approaching, there has never been a better time to connect with the world’s leading IP technology and management company, to discuss how we can support your needs.