Intellectual Property (IP) portfolios are expanding dramatically—and so are the costs of securing and maintaining patent and trademark rights. The fees for applications, local agents and renewals have become a major cost center and a management challenge. These pressures place extra strain on corporate IP leaders’ budgets.
Overshooting the annual IP budget puts pressure on the company’s bottom line. Under-spending could negatively impact future budget levels. Effectively managing costs is a crucial step for strategic IP portfolio management. Without good cost control, IP leaders are not well positioned to manage higher-order priorities, like optimizing the agent network, licensing the portfolio and aligning spend with business strategy. To hit budget numbers consistently, IP leaders need the ability to predict their future IP spend accurately.
But trying to predict IP costs accurately is extremely complex. Fees vary from one jurisdiction to another and can change without warning. Gathering updated cost data is time-consuming. Making assumptions about future spending can lead to subjective guesswork.
A new forecasting solution
IP leaders need objective analysis that eliminates complexity and generates reliable budget forecasts. That capability is now available with Forecast from Clarivate™.
Designed specifically for legal teams managing large IP portfolios, Forecast provides powerful IP budget forecasting and planning capabilities, seamlessly integrated with Clarivate IP Management Software (IPMS).
Forecast uses sophisticated artificial intelligence (AI) to perform predictive analyses based on portfolio trends using accurate, up-to-date cost data. It provides objective information to improve budget planning, support informed financial decisions and stay ahead of changing conditions.
Transforming budget planning
Easy and intuitive to use, Forecast transforms the IP budgeting process by enabling IP leaders to generate reliable forecasts quickly and efficiently, view costs across their portfolio, with powerful filters to zero in on critical data, and compare actuals to forecasts, helping them stay on track. Analyze data with ease using visual dashboards and custom reports. Assess different scenarios to make informed decisions with a clear understanding of their budget implications.
Forecast provides the next-generation tools IP leaders need to hit their budget consistently while dramatically improving their efficiency and speeding budget approvals.
To get the full Forecast story download our report Transforming IP budget forecasting.
Ready to sharpen your budget forecasting accuracy? To learn more about Forecast, contact Clarivate today.