Can the way in which intellectual property (IP) assets are managed have a direct impact on your organization’s bottom line? While the costs of poorly managing those assets are generally understood – missed renewal deadlines, the lapse of an IP right and ultimate loss of revenue and/or the right – the value of getting IP management right is often overlooked. In this blog, we explore the potential commercial value to be derived from a best-in-class approach to IP management.
For corporate IP professionals, the challenge of tracking, managing, analyzing and monetizing IP assets has never been more complex. Rapidly expanding IP portfolios, accelerating business cycles and the pressure to do more with less is straining legal departments.
Adding to the challenge is the fact that, in many cases, those charged with managing the company’s IP assets are using multiple software systems. They may have one system for docketing, another for searching patents and yet another for filing and prosecuting patents. There may be entirely different systems for managing trademarks. That’s a lot of switching back and forth—and a lot of manual data entry as they struggle to keep everything in lock step.
Working with disparate systems isn’t just awkward—it’s costly. There’s the expense of maintaining and upgrading multiple platforms. In addition, the process inefficiencies of using disparate systems can be significant, potentially adding up to millions of dollars in lost productivity over time. It also raises the risk of something falling between the cracks. One such oversight could lead to a costly infringement suit or the expensive prospect of having to pull a product or brand from the marketplace.
The value of modernizing
There must be a better way. Fortunately, there is: modernizing your IP management system (IPMS) around a comprehensive IP lifecycle approach. Using modern IPMS technology addresses many of the inefficiencies associated with disparate systems—delivering a significant, positive economic impact in the process.
How much impact? A conservative estimate would be 30% improvement* over the costs of a disparate systems approach. Let’s break it down:
- Modernizing systems can deliver a 30% savings by eliminating the cost of maintaining and upgrading on-premise systems. This could add up to $700,000—plus another $100,000 by reducing the risk of an IP data breach.
- Minimizing process inefficiencies associated with disparate systems can generate an additional 30% savings through productivity gains and increased accuracy. This could translate into annual savings of $4.4 million. A solution that increases indemnity coverage for annuity renewals could save an additional $1.5 million annually.
- Another 30% savings can be realized by reducing wasted patent filing and maintenance costs, minimizing the risk of having to pull a product from the market and minimizing infringement legal risks. Together, these improvements could save $8.5 million.
These improvements could add up to a cost savings of $37 million over five years. That’s money that could go right to your bottom line.
The solution is here today
Clarivate offers a unified IP lifecycle management approach that provides a compelling alternative to the disparate systems that currently characterize IP management—an alternative that offers significant economies.
Our comprehensive IP lifecycle management solutions bring together a unique set of capabilities, processes and services not available from any other provider. The result is a trusted, end-to-end solution that combines our global best practices, unified technology base that allows seamless connectivity across solutions and datasets, with innovative technologies that reduce the time, cost and complexity of deploying new capabilities.
Our end-to-end IP lifecycle management solutions enable corporate teams to remove friction from their IP management workflows today, while providing a smooth runway to future innovations. It’s the key to unlocking the full potential of your IP—and the full value of your IPMS investment.
Ready to experience greater value from your IPMS? Contact Clarivate today.
*These figures are derived from an analysis of costs associated with using disparate IP management systems and disconnected processes, including the costs of: maintaining, upgrading and supporting on-premise software systems; data breaches; process inefficiencies leading to lost productivity; missed patent renewals; increased commercial risks; and risk of infringement. Data available upon request.