Access to accurate, high-quality, and relevant data is crucial for your IP strategy. Find out how to identify discrepancies and update records effectively.
The strength of an IP portfolio is highly dependent on the accuracy of the data you or your legal advisor hold in your IP management software (IPMS). By identifying discrepancies, data verification processes not only help to mitigate risks but can also provide the valuable information you need to prioritize your rights and make well-informed, strategic decisions. In this article, we set out five considerations for efficient and cost-effective IP data verification.
- 1. Data Resources
The most important aspect of data verification is ensuring you have access to high-quality, up-to-date resources. This can be challenging for some businesses as it requires access to multiple data sources, some of which may not be in electronic format. Maintaining accurate and consistent data entry in your portfolio can become costly, especially during organizational changes, such as mergers and acquisitions. When considering the value of different data sources, consider consulting with an IP specialist, such as Questel, to determine the most cost-effective manner to access valuable data.
- 2. Data Management Tools
Once you have defined the relevant and accurate data sources, the next step is to integrate them into the IP portfolio management tool you use. Modern IPMS solutions not only enable secure and easy access to your IP data but can also automate parts of the IP data verification process by comparing your records to the ones held in online IP registries (see point four below). Make sure to choose a tool that protects your IP data and other sensitive information through access controls, disaster recovery solutions, and security against theft or manipulation. It will impact your IP operations if your software ceases functioning (or is hacked), so work with an industry leader, such as Questel, who can support your technology, security, and portfolio management needs.
- 3. IP Administration
Integrating data verification resources and data management tools into your IP portfolio management tool can provide many benefits but it will be the team that implements, manages, and uses these tools that will be responsible for ensuring you realize the potential of your chosen solution. Whether you employ internal or external specialists to manage and maintain your IP (or both), encourage communication between contributors and define standards for data input and management to ensure accuracy and consistency. Standards should include the types of data captured, how information and updates are input into the system, and who is responsible for maintaining data integrity.
- 4. IP Automation
Where IPMS tools are linked to electronic data resources, you can reduce the administrative workload by opting for an automated data verification service, including the use of artificial intelligence (AI)-based workflows. However, every organization needs to find the right balance between a manual and automated solution for data verification. While most businesses opt for an automated solution to ensure they have the most up-to-date IP data from global patent/trademark offices, they may still rely on their IP experts to assess, understand, and measure the data quality. That's why we recommend including key contributors in the integration of any new data management tools or resources.
- 5. IP Outsourcing
While some businesses may prefer to acquire tools, resources, and staff to manage IP data verification in-house, many businesses find the costs and time of in-house data verification prohibitive. In these situations, you may find it more cost-effective to work with a third-party IP provider, such as Questel. We can support you by sharing our IP administration and data verification expertise and resources according to your budget and needs.
Discover more about the IP data verification process, including how software and automated data validation could help your business by contacting our specialist team. For future insights, follow our publications and webinars on our Resource Hub and dedicated Webinars & Events page.