Data is the key to making powerful decisions for any business. Intellectual property (IP) management solutions can provide your team with the data they need to manage IP assets successfully from ideation to commercialization. Here’s how data intersects with intellectual property management to drive success:
Intellectual Property Growth
If your organization is hoping to build an expansive and dynamic intellectual property portfolio, the right data can help boost innovation and ease the process of converting ideas into money-making assets. For example, benchmarking innovation with metrics like time spent ideating per employee and number of ideas generated, can help your organization build strategic initiatives to boost innovation productivity. Apply an intellectual property management solution and you can easily roll up the data you need and use tools to streamline the invention disclosure process, patent cost estimation, and more. You'll wind up spending your time where it's needed: on strategy, execution and growth.
Leveraging Intellectual Property Effectively
Intellectual property management software also empowers your team with data about which assets are making you money and which are collecting dust but costing you. Analyzing the demand, use, and revenue performance of intellectual property assets tied to product offerings or families of patents can indicate where the organization may be over- or under-investing. This data saves tons of time, cuts out lots of wasteful spending, and gives you fast insights to more effectively leverage your intellectual property.
Optimizing Intellectual Property Resources
Using data pertaining to operations and process execution can help your intellectual property team optimize their resources. This data can easily show where the bottlenecks and choke points are. On the whole, this can help intellectual property leaders make faster and smarter decisions to streamline processes, realize cost and time savings, and add shareholder value. One major area where data can shed light on is on IP legal spend, allowing for more effective and precise budgeting.
An organization’s Intellectual property management can benefit greatly from using data strategically. Different datasets can help to grow intellectual property portfolios, leverage assets effectively, and optimize operational resources. Cascade Microtech was able to use data generated from the Decipher intellectual property management system to provide actionable insights, leading to a 150% return on investment. Read the case study to learn more.