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.
Key data questions
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.
Why IP data quality matters
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.
A solution to the problem
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:
- Automatic protection: Automated data matching and verification ensures that a customer portfolio can be sychronised with up-to-date IP data from patent offices around the world. The AI-enabled case matching engine is able to, on average, automatically connect 90-95% of the customer’s records with the same record in IP One Data.
- Improved data accuracy and time savings: Reduced organisational risk through accurately calculated IP deadlines, made simpler by powerful bulk update tools to quickly correct data across a portfolio.
- Quantify portfolio quality: Understand, measure, and visualise data quality with included data verification KPI's on the FoundationIP dashboard.