In the last 2-3 years, several progressive IP departments have adopted a documented, systematic, and timely process for the analysis, protection, and commercialization of their intellectual property. Here are the top 5 features of Invention Disclosure Management software that can help IP departments reduce cycle time to process new ideas, automate manual operations, structure processes and improve inventor satisfaction.
The purpose of an invention disclosure is to capture the minimum information sufficient to allow the company to evaluate investing in an idea. The electronic submission process ensures that the IP department is getting consistent disclosures, in the same format, capturing the same type of information. It is important to make the submission process as simple as possible. An inventor should be able to log in and complete the form online in a few steps.
Collaboration and Communication
During the invention disclosure review process, a number of questions typically go back and forth between patent counsels, paralegals, administrative staff, subject matter experts, patent committee and law firms. Without centralized collaboration system, these conversations usually take place via emails with no tracking mechanism.
Invention Disclosure Management Software must provide a platform for seamless collaboration and communication between different participants in the process while tracking each and every communication within a secure environment.
Rating and Analysis
The software must be able to assign subject matter experts and patent committee members automatically and provide them an easy to use interface to review the disclosures prior to the meeting.
Further, the patent committee members should be able to use an objective criteria for evaluating invention disclosures on the basis of technical merit, relevance to company objectives, relationship to the existing portfolio, commercial viability etc.
Review and Approval
One key benefit from a structured invention disclosure process is the ability to view and defer unnecessary costs by vetting ideas earlier in the development cycle.
After the initial analysis and recommendation by patent committee members, the invention disclosure management system should submit the disclosure to patent counsel for legal review and a final decision on filing. Invention disclosures not filed for patent protection and retained as trade secrets should also be documented.
Analytics and Reporting
Invention Disclosure Management Software must provide sophisticated searching and reporting tools as well as real-time analytical insight into the productivity and performance of the entire process to improve decision-making. This analysis would help in revealing the hidden factors driving and inhibiting innovation planning and performance.
Lecorpio invention disclosure management is the only application that fully adapts to the unique needs of each organization. Today, some of the best known companies are using Lecorpio to bring together corporate legal departments, inventors and other stake holders fully collaborating as a single collective entity to manage innovations.