Identifying the Right IP Management Solution Software for your Business

A 2016 study by the U.S. Department of Commerce revealed that industries that make extensive use of patent, trademark and copyright protections supported about 30 percent of all U.S. jobs. Also, IP intensive industries increased their contribution to the U.S. GDP from 34.8 percent in 2010 to 38.2 percent in 2014.

Fremont, CA: Technology has become an indispensable aspect of every business. The way business is conducted in the 21st century is significantly different from the way it was before. Companies are looking to leverage the latest technology to enhance their business activities and improve overall efficiency. The new wave of technology has resulted in the need for dedicating resources to identify where Intellectual Property (IP) can fit into a company's business plans. While most companies have some form of intangible assets, the learning curve for obtaining and managing various forms of IP is not too forgiving for new firms. IP has become increasingly valuable for individual businesses and the overall economy.

A 2016 study by the U.S. Department of Commerce revealed that industries that make extensive use of patent, trademark and copyright protections supported about 30 percent of all U.S. jobs. Also, IP intensive industries increased their contribution to the U.S. GDP from 34.8 percent in 2010 to 38.2 percent in 2014. The World Intellectual Property Report 2017 identified that nearly one-third of the globally manufactured product value, estimated at USD 5.9 trillion in 2014, was attributable to sources of intangible capital such as branding, design or technology.

IP management software solutions that can meet the needs of a business and scale its IP portfolio can add tremendous value to the company. The right software solution will provide excellent docketing tools, including due date reminders and shortcuts to related IP assets. It will enable IP managers to communicate easily across vast geographical distances while keeping the data on IP assets safe and secure from malicious actors. The global nature of IP will also enable executives and managers alike to understand quickly any nuanced differences in a country’s IP laws.

Here are some of the top features of a sound IP management system.

Regular IP audits

Investigating a company's intangible assets across all formats of IP at regular intervals will eliminate waste full assets and processes.

Team education

Company officials and employees need to be trained on proper IP safety techniques to reduce safety risks that can arise from improperly presented assets.

Regulatory compliance

Every country has different rules on filing for IP protections that need to be carefully followed to obtain and maintain IP rights.

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