Working with both law firms and corporates across the Intellectual Property ecosystem, we at CPA Global ask ourselves every day how these two sides of the IP market can better work together to drive not only efficiency, but shared value creation and innovation.
We were therefore excited to work with Managing Intellectual Property and Thought Leadership Consulting to conduct a new piece of research ‘Speaking a Common Language’, which attempts to shed light on these issues, and to give law firm professionals and in-house counsel the tools and intelligence to make better decisions regarding their management and exploitation of IP assets.
As a technology and innovation partner to the IP industry, one of the key themes that emerged from the research for us was the importance of quality and efficiency, both of which can be enhanced with the application of technological solutions.
Clearly, the pressure to improve efficiencies has been one of the drivers behind tech disruption in the industry - including robotic process automation and artificial intelligence – and the report confirms that efficiency, including cost management, remains an important factor for decision making.
However, the research demonstrates that it is not the only factor. What comes across strongly is the high value that professionals in the IP industry place on quality and understanding from service providers – whether legal or technological - and, at the same time, the desire for products that make their lives easier and which allow them to manage what can be a highly complex system of IP management simply.
This complexity is not just technical in nature, it is also geographical. It was therefore unsurprising to see that effective communication emerged as the most important challenge facing businesses in what is an increasingly globalised IP market, with work being undertaken in multiple countries and across different time zones. This poses real questions regarding how to strike the balance between relying on technology to manage complexity and maintaining the ‘human touch’, which clients so clearly value.
The research also showed that the IP industry is habitually loyal to its suppliers, but that will only continue to be the case (and new clients will only be won) if these very real challenges are met head on and that the right products and relationships are developed which are both efficient and value-creating. At CPA Global, we feel strongly that this is best achieved not just through delivery of services, but through collaborating with customers to drive innovation – the life blood of IP.
To read more about the research findings, download the report.