This article is written by Valli Rachna, pursuing a Diploma in Intellectual Property, Media and Entertainment Laws, from LawSikho.
We are living in an era where the global system of interconnected computers called ‘Internet’ revolves around the people’s lives. ‘Internet’ works on the basis of IP that serves billions of users worldwide. Therefore, it is important to understand the key issue of how the process of IP strategy is generated. While forming an IP strategy, one thing to keep in mind is that the relevant data used while creating strategy has to be of “top notch quality, accurate, risk-free.”
The quality of data plays a crucial role while creating an IP strategy. The data (information) that is received helps in understanding potential risks, identifying discrepancies if any and also helps in prioritizing the patents. By analyzing/verifying, reviewing this accurate data the company members/teams will get an idea as to how strategic decisions can be made by considering all this data. Therefore, certain crucial aspects like ‘data verification’, ‘data reviewing’ needs to be kept in mind while creating an IP strategy.
Previously, traditional methods were used. Every time, the data is entered manually into the system, it may lead to some discrepancies, errors. Later, many advanced techniques came into the picture like data verification tools which made verification much easier. Verification generally means to check that data entered in the database is same as the data in original source. It is a complex process but once done gives great advantages to the companies.
Role of data while forming an IP strategy
Before forming an IP strategy, one has to do the groundwork on how to undertake data verification to have a total clarity on Intellectual property assets that a person is going to own. For better clarification let me come up with an example:
If suppose, let’s say a company ‘A’ has undertaken a merger and acquisition. After this process, the company may lack a little bit of clarity on the IP assets owned by it now. And the company doesn’t want to maintain any intellectual property assets that it doesn’t use/need. Therefore, in order to maintain the accuracy of the company’s data, it is crucial that verification and review of the IP assets needs to be done to form a most effective and accurate IP strategy for the company.
So, without the data, the company cannot form an IP strategy. The data has to be accurate, transparent and qualitative. The accuracy of data while forming IP strategy provides strength to its IP assets. Nothing is more important than a high quality Data. Therefore, maintaining high quality data is critical in safeguarding and securing Intellectual property Right(s).
Many small companies manage their own data on their own as they cannot afford expensive data verification tools. Small businesses or startup companies with limited IP strategies are capable of handling their own administration. Although, such startups are under a budget still they cannot afford to lose the security of their business. In case of large companies, they can hire a specialist to manage their IP portfolio as they could afford it and it will be advantageous to them as they can concentrate mainly on business and strategy.
Data is most valuable than any other thing for businesses that carries trade secrets. It is better to sometimes adopt high levels of security over their intellectual property to prevent it from being compromised through data breaches. This is usually in cases where all proprietary information must remain onsite; or the time, resources, or cost to assess the security of external vendors is prohibitive.
For law firms or legal sectors, there is no need to hire an external expert as they may already have IP specialists within their firm itself as well as they may have access to resources and a tool which is a bonus point. As the businesses are increasing, the legalities in the business sector are also increasing equally and due to globalization it has become utmost important to generate an effective data to manage IP strategy.
Why should you use data verification tools for creating an IP strategy
There is a need for using data verification tools for creating an IP strategy. One such need is that the tool used for verification protects the sensitive information which includes access controls, provides security against hacking, theft or manipulation, disaster recovery solutions. Especially, the data management system tool provides topmost security over the company’s information. Also, the tools used for data verification contributes as one of the elements of IP strategy as it is crucial to provide ease of transparency and access as well.
Therefore, it is important to use data verification tools to ensure IP information and strategic operations are not hindered and secure. All this process demands lot of patience, time, and money. This is a complicated process, which requires proper research and solutions to come up to face present and future challenges.
By using data management tools to play correct data verification resources to reach effective IP strategy consumes lot of time but its output gives lot of benefits. So, to come up with beneficial output, there is a need to execute, manage and use these tools and resources properly by integrating them.
Whether you employ internal or external contributors in your team, it is important to encourage communication between contributors and to define standards for data input and management. This may include the types of data captured, how it is input into the system to ensure data quality is maintained, and who is responsible for maintaining data integrity.
Finding the balance between a manual and automated solution for data verification will depend on your IP contributors. The inclusion of artificial intelligence (AI) is increasingly prevalent in this area. While most businesses will prefer to opt for an automated solution to ensure they have the most up-to-date IP data from global patent/trademark offices, a business will need expert contributors to assess, understand, and measure the data quality. For this reason, the key contributors in your IP portfolio management team should be included in the integration of any new data management tools or resources. So, using a standard verification tool, accurate and transparent data is used to form IP strategy successfully.
How it works
The data verification while forming IP strategy works in a way that it will benefit nearly all the companies with significant IP portfolios. The 3 main essentials to thrive IP strategies are:
- ‘Check and clean’
- ‘Evaluate and clarify’ and
- ‘Strategy and implementation’.
Once a rough draft of the verification plan is made, an expert is required who has vast experience/exposure in understanding data verification tools and the resources. So that with the help of such expert who can obtain information of the market and assets, it will automatically becomes less hectic to the companies to execute IP strategies.
Today and in coming years, IPRs and the laws relating to it are evolving rapidly. IPRs involve in lot of spheres which are eventually leading to a lot of complexities as well without any surprise. There are many challenges that are faced in IPR regime and one such challenge is data verification. Advanced techniques are being used for data verification apart from traditional techniques to collect high-end information without any discrepancies. Many data verification tools come into effect as many companies are in need of them. As times are changing, mergers and acquisitions have been taking place. So, companies need advanced tools to quickly assess, verify and review the data.
The company has to check and adapt such tool which can enable you to quickly take validation regarding data. By doing so, the company will automatically grow without any further issues. The data verification tool used must provide the accurate/reliable data, in an electronic form which can be uploaded into IP management system. This step will avoid any errors that may happen if done manually.
IP is one of the best contributors of adding value to the business. At the same pace it is one of the most complicated aspects in the business. The most important aspect ‘Data verification’ ensures clear and transparent data which help members of the company to make effective IP strategies.
There are different methods of verification.
- Proofreading data
- Double entry
- Checking the data onscreen against the original paper document or
- By printing out of the data and cross checking with the original paper document
- Getting a helping hand
IP contributors also help in data verification by balancing between the manual and automated systems. But, now a day’s most businesses prefer automated systems to ensure they have the most up-to-date IP data from global trademark/patent offices. Artificial Intelligence (AI) is rapidly increasing in this area as well. Although AI is increasing rapidly, experts are still preferred by the small and large companies in order to assess the quality of the data collected.
Acquiring tools, resources and the members to manage data can be expensive and stressing. So, many businesses prefer to hire an expert from an outside source to verify the data as it is cost-effective.
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