An intellectual property management solution can provide your organization with many benefits, one of the strongest of these benefits is control. An IP management tool gives your organization powerful visibility into the performance of intellectual property assets and the operations surrounding them. With this insight, your organization is empowered with a higher degree of control strategically and operationally. Here are four areas your organization will have more control over after implementing IP management software.
One of the biggest pieces of data an intellectual property management solution will provide the organization with is the performance of each IP asset the organization has. This information is vastly useful for a number of use cases, but is particularly helpful for informing the future direction of the organization’s product offerings. The performance of IP assets can be indicative of which products (or families of products) are in demand in the market and where there is opportunity for future growth. This data allows the organization to quickly provide direction to the efforts of the R&D or product development teams.
Intellectual property performance data can also allow tighter control and flexibility over the organization’s investments. An IP management solution lets your organization see, based on success and demand, which assets may have been over-invested in and which may require additional investment. This visibility ultimately saves money by providing the flexibility to move out of unfruitful areas quickly and generates additional revenue by successfully leveraging assets which perform better.
An intellectual property management solution will also provide your organization meaningful data on IP operations and processes. With the ability to see where processes are slowed, the organization can spend efforts on focused improvement in those areas. For example, if the invention disclosure process is typically time-consuming, investing in additional resources here can help reduce the time strain and pain for all stakeholders which could in turn encourage internal inventors to innovate more. Ultimately, an IP management solution can streamline the intellectual property process from invention disclosure, to the patent application process, to managing IP assets through their maturity.
Implementing an intellectual property management system also helps to control labor resources used on IP management. By simplifying IP processes, day-to-day management of IP assets, and analysis on their performance, your organization’s intellectual property team can focus on other strategic initiatives. In larger organizations with designated IP teams, this can mean strategic future planning for intellectual property development within the organization. In smaller organizations without a designated IP team, this could mean that one multi-functional team member will have more time to focus on growth initiatives, without losing the quality of IP management.
The insights from an intellectual property management system allow your organization to have greater control over impactful functions like investment, processes, labor, and product direction. To learn more about how one organization implemented IP management software to gain greater control over their IP decisions resulting in 150% ROI, download this case study.