We live in a world where Intellectual Property is increasingly valuable to individual businesses and the overall economy. A 2016 study released by the U.S. Department of Commerce showed that industries making extensive use of patent, trademark and copyright protections supported about 30 percent of all U.S. jobs. Further, these IP-intensive industries increased their contribution to U.S. gross domestic product (GDP) from 34.8 percent in 2010 up to 38.2 percent in 2014. Globally, the World Intellectual Property Report 2017 found that about one-third of manufactured product value, about $5.9 trillion in 2014, was attributable to sources of intangible capital such as branding, design or technology.
That last fact is perhaps the most significant reason why an IP management software solution that can meet the needs of your business and the scale of your IP portfolio brings tremendous value to nearly every company. The right software solution will provide you with superior docketing tools, including due date reminders and shortcuts to related IP assets. It will allow IP managers to communicate quickly across vast geographical distances while keeping the data on your IP assets safe and secure from malicious actors. Besides, given the global nature of the Intellectual Property, it will also enable executives and managers alike to understand quickly any nuanced differences in a particular country's IP laws.
At Dennemeyer, we are dedicated to providing IP management solutions that are designed to help your business thrive in the complicated world of IP. Many of our customers know that we have identified the top features of a good IP management system that can keep businesses of all sizes well disciplined in the art of managing Intellectual Property:
Regular IP audits: Investigating your firm's intangible assets across all forms of IP at regular intervals can eliminate wasteful assets as well as processes.
Team education: Training company officials and employees on proper IP safety techniques reduce safety risks that can stem from improperly disclosed assets.
Regulatory compliance: Each country has its own rules on filing for IP protections that must be carefully followed to obtain and maintain IP rights.
Detailed records: The process of applying for any single IP protection will create a paper trail that must be carefully interpreted to timely respond to office actions.
Highly organized information: Properly indexing information is crucial so that an entire IP management team has quick access to due dates, relevant documents, and the line of products covered by various patents, trademarks or other forms of IP.
Data visualization: Effective IP management solutions often find ways to present large stores of data in a manner that quickly conveys essential content to all personnel using the platform.
Experience: True expertise in IP management can only be attained through practical engagement with various IP protection regimes in force around the world.
Software solutions provide incredible tools for IP management
It is impossible to imagine an efficient and effective IP management system that does not include a software platform highly tailored to enterprise's particular needs. When properly constructed, these systems can improve team collaboration, enhance productivity, reduce costs and eliminate risks facing assets that tend to be among the most sensitive ones a company owns.
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The authors contribute to this blog in their personal capacity. The views expressed are their own and do not necessarily represent the views of Dennemeyer IP Solutions, Dennemeyer & Associates, or Dennemeyer Consulting.