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:
- Unfriendly Software: Current software is complex with many different features and functions causing confusion among users
- Poor Integration: Users must work with various platforms, which have inconsistent features and often do not communicate with each other
- Little Value for Money: IP software is considered expensive to buy and maintain, especially for smaller companies and law firms, on top of the costs involved in updating company systems
- Limited Customisation and Reporting: Software isn’t always flexible and is sometimes difficult to provide reports with the requisite information, forcing users to spend time manipulating reports in external software
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:
- Scrutinised Costs: Accessing new software will become difficult, especially so given tightening budgets, and without an understanding of value and ROI
- Get Automated!: To become more productive, users want technology with increased automation, such as electronic billing, paperless documents, pre-populated fields and faster access to information
- Meaningful Technology Upgrades: Upgrades from legacy systems to new IP management technology can be expensive and complex
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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:
- Artificial Intelligence (AI): IP management technology that prompts users with information and helps them make decisions. Developments in AI will also increase automation, helping users complete tasks more quickly, accurately and cost-effectively
- Simplification: consolidation in the industry will result in fewer technology offerings and a streamlined user experience. Ultimately, providers will move towards a simple portal interface that can handle the entire IP lifecycle
“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.