Law & Legal & Attorney Intellectual property Law

Top 5 Reasons to Invest in Intellectual Property (IP) Management Software

Intellectual Property (IP) management software provides an integrated approach to streamline processes for all types of IP. An excellent IP management system should cover a wide range of functions and integrate them into one unified database. Functions such as invention disclosure management, patent management, trademark management, licensing management and spend management can now all fit together in one database.

So why should you implement IP management software into your business? Here are five good reasons:

5) Bring Consistency and Repeatability to Processes

The traditional in-house legal department's typical answer to patent process related questions is - "it depends". For example, it is common for inventors and law firms to send their input via paper, email, phone, or on your desk. IP management software can bring structure, consistency, and repeatability to your processes.

By applying policies and business rules to workflows, it removes the guesswork from this complex discipline. This results in a more predictable, controlled process than the alternatives.

4) Greater Visibility Into Work in Process

Most IP departments use a myriad of systems to manage their data. They use spreadsheets to track their portfolio, a docketing system to manage calendering, emails to track correspondence, a file system to store documents, and an invoicing system to track billing to name a few.

The IP management system can bring together all such data and documents and provide you comprehensive visibility across all types of assets and processes. By using visualization tools, it is easier to spot firms with better turnaround time, or the one that is filing more extensions.

3) Lower Administrative Costs

Several progressive legal departments are using IP management software to automate their manual operations. Some examples include: electronic reviews for invention disclosures, patent award calculations, annuity payment reviews, building participation from law firms to enter data directly, automated approvals, etc. By automating manual operations, you can offload several redundant administrative tasks and lower your cost of operations.

2) Improve Accuracy with Fewer Errors

Most modern IP management software provide collaboration features. That allows the information owner to directly input the data the first and the only time. Inventors can submit their ideas via invention disclosure forms, patent committees can provide their ratings and recommendations electronically, and law firms can upload PTO correspondence directly into your system.

By removing duplicate data entry, you have more accurate and dependable data in your system.

1) Increased Productivity

Great IP management software provides different interfaces for different roles in your IP processes. All participants in the process including inventors, in-house counsel, law firm attorneys, administrators, docketing clerks, annuity payment service providers, and others are given selective access to information relevant to their role in the process. Access privileges are controlled so that each participant sees only what is necessary to carry out their responsibilities. Each party in the critical path is notified when they are needed to perform a task, and alarms are triggered if delays occur.

This means your team won't have to look for information, which makes them more productive in their tasks.

Today's successful IP departments need the right Intellectual Property (IP) management software [] to help them drive their key business processes, make smarter and faster decisions, and ensure they make the most of their IP assets and resources. Lecorpio IP management software provides these capabilities to small IP departments [] as well as enterprises with large IP Portfolios [].

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