Top 5 Features of IP Transactions Management Software

Shortened product design and life cycles, the increased expense and uncertainty of R&D and the frequent need for non-resident technical skills or access to new markets, demand a variety of complex strategic arrangements with domestic and foreign entities. Now more than ever, progressive IP departments assert and/or license their IP to further their business interests, and they acquire rights to adversely owned technology and IP when its to their advantage.

Intellectual Property (IP) Transactions Management Software must provides tools and features that empower IP departments to take a long-term view of their IP portfolio and to seek and obtain protection for the core inventions that form the basis of their businesses, whether or not they intend to do anything with those protections in the near term.

Here are the top five features of a good Intellectual Property (IP) Transactions Management Software:

Collaboration

IP Transactions Management software must provide a collaborative environment to all stakeholders including the IP department, General Counsel, Business Unit heads, CTO, lab heads, internal licensing teams and enable them to work together on the strategic and financial objectives to be achieved with the IP portfolio. The collaborative environment must support document sharing, feedback collection, and provide tools for strategizing, brainstorming and decision making.

Portfolio Management

Inadequate due diligence can result in overlooked and incorrectly valued IP and can leave undiscovered disputes over ownership or provenance of IP that is of critical importance to a transaction. IP Transactions Management must provide comprehensive support for IP portfolio management including ability to store third party profiles, real-time access to your patents, trademarks and other assets, third party patent and trademark repository etc. Further, it should allow IP managers to tag each asset by asset quality, geographic scope, legal strength, technical risks and cost burdens and help them in augmentation, prioritization and disposition of their IP assets. The result is a more focused portfolio to meet business needs and increase shareholder value.

Workflows

The IP Transactions Management software must provide robust workflows for IP In-licensing and Out-licensing, Patent purchase/sell, third party tracking, IP assertions and disputes management, IP research analysis and acquisition, defensive analysis decision and handling, litigation support work, IP investment research, IP competitive research, IP freedom to operate and IP landscape research, IP divestiture handling as well as enable tracking for IP standards participation.

Data Integration

IP Transactions Management software must have data integration capabilities to seamless integrate your internal data with public data from all major patent authorities including bibliographic, citations, legal status and patent family collections in one place. This will save you a lot of time in manual searching, storage and analysis.

Analytics

IP Transactions Management Software must provide tools to thoroughly understand the patent and trademark portfolio, by technology area, products or other metrics such as relevant markets, and combine that analysis with the relative positions and strategies of other market players within same technologies or markets.

Lecorpio Intellectual Property (IP) Transactions Management provides a centralized repository for different types of matters including disputes, assertions, investigations, freedom to operate, invalidation and product clearance analysis and generate reliable results for achieving business objectives. The robust workflow tools provides for the implementation of measures to ensure protection and commercial exploitation of valuable assets and investments made in research and development.

Learn more about Lecorpio’s IP Asset Management solution or IP Management Software-related products and more.