What IP strategy works best for corporations? Does it involve managing IP exclusively in house, via a large team? Or using law firms exclusively for IP management? Most likely it will be a combination of both.
These were some of the issues addressed by CPA Global in an extensive survey of corporate IP executives in 2018. Of the companies surveyed, there was a 50/50 split between outsourcing IP management and managing IP internally.
The research also outlined the three top priorities for corporations in IP management:
- Aligning IP strategy with business strategy
- Reducing the business risk associated with IP management
- Demonstrating increased return on IP investment
Corporate IP executives looking to address these priorities in the age of digital disruption need technologies that improve the efficiency of their teams. They also need access to IP insight that allows them to make the right decisions. These are challenges law firms and service providers - such as CPA Global - need to help companies address.
A raft of new technologies can be deployed to drive increased efficiencies and deliver meaningful insight into IP data. Machine learning can be used to interrogate big data sets, helping companies to automate manual processes and handle large volumes of incoming correspondence.
Critical to better insight is accurate data – historically a significant issue for the IP industry. CPA Global’s IP One Data offers customers the most accurate and integrated overview both proprietary and published data, to drive improved analysis and insight.
IP One Data records are anchored back to a unique ID that means it is always accurate. Data can be transferred from one system to another - minus the issues associated with traditional migrations. Users always have access to complete information for crucial decision making. Not only does this reduce risk, it also reduces the time IP managers need to spend on verifying information. In turn, this can free up the capability to deliver strategic insight around patent and trademark portfolios, closer aligning the IP function with overall business objectives.
Corporate IP executives are faced with a wide range of challenges – but inaccurate IP data should not be one of them. Technology tools, combined with CPA Global’s IP One Data, can help deliver efficiencies and insight to better shape IP portfolios and drive greater revenues.
Haydn Evans is co-presenting a power session at CPA Global’s IGNITE! 2018 customer conference in Austin, Texas on 7th November. The session will provide insight into gaining more value from IP management tools and technology.
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