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Lecorpio’s First Budgeting and Forecasting Study Shows 90% of IP Corporate Counsel Respondents Find Budgeting Time-Consuming and Complex
36% of Respondents Were Over Budget but Less than 10% Used Highly Automated Systems to Help with e-Billing, Payment Processing, Budgeting and Forecasting
Fremont, Calif., September 15, 2016 — Lecorpio, the leader in intellectual property (IP) management and analytics software solutions, today announced the results of its Lecorpio Budgeting and Forecasting Study, recently conducted among corporate counsel responsible for managing IP budgets. The Budgeting and Forecasting Study respondents found budgeting to be time-consuming and complex (90%), many were over budget (36%) and only a small number (<10%) were using highly automated systems to help with tasks such as e-billing, payment processing, budgeting and forecasting. More highlights can be found below.
Elisa Cooper, Vice President of Marketing at Lecorpio, commented: “Heads of IP should be grappling with difficult decisions like whether to license or litigate, where to focus prosecution efforts, and how to better support the company’s overall business objectives. But time and again, we’ve heard that it’s actually the process of managing IP budgets that is time consuming - wrought with complexity and uncertainty. Undoubtedly, our study shows this to be true.”
Highlights of the Lecorpio Budgeting and Forecasting Study’s results include:
- 90% of respondents stated that managing their budgets were either somewhat or very time-consuming and complex.
- 36% of respondents said that they were over budget. Half of these (18% of total respondents) stated that they were 5-10% over budget, and the other half (also 18% of total respondents) stated they were 10-25% over budget.
- Nearly two-thirds of respondents were managing their budgets on a monthly basis – leaving one-third who were managing on a quarterly basis.
- 45% of respondents stated that the budget numbers provided by their Finance department were revised at least once throughout the year.
- Less than 10% of respondents have implemented highly automated systems for e-billing, payment processing, budgeting and forecasting.
Lecorpio’s Budgeting and Forecasting Study is the third study in a series which had previously focused on trademark management and patent benchmarking. By conducting these studies, Lecorpio aims to keep its clients and all in-house IP counsel informed of industry trends and benchmarks.
To request the 2016 Lecorpio Budgeting and Forecasting Study findings, please contact firstname.lastname@example.org.
About Lecorpio, LLC
Lecorpio, the leader in IP management and analytics software solutions, helps innovative companies quickly turn ideas into assets. The company’s enterprise-class suite of applications spans the entire IP supply chain, including invention disclosure management, patent and trademark management, e-billing, licensing management and general matters management. The Lecorpio solution includes powerful workflow capabilities that easily configure to a company's business process and includes an IP dashboard with over 160 KPIs.
Primarily marketed to corporate law departments specializing in IP matters, Lecorpio’s adaptable IP management software-as-a-service creates one central repository for IP information. Lecorpio’s powerful solution simplifies data management processes for attorneys and paralegals through the entire IP lifecycle, from invention disclosure to patent management to billing, monetization and litigation. Also, Lecorpio helps clients to control costs by automating processes and increasing efficiency.
Lecorpio is used by 5 of the top 20 most active US patent filers, in addition to other well-known innovators such as Adobe, T-Mobile, Rockwell Automation, NEC, NetApp and Red Hat. Visit www.lecorpio.com for more information.
Learn more at www.lecorpio.com, or on Twitter @Lecorpio.
Christy Burke, Burke & Company