But despite its importance, IP management is low-margin and time-consuming work, meaning that it often gets left to the last-minute or delegated to lower level, but non-specialist staff. That’s why many companies are seeking more intelligent methods of managing IP renewals, docketing and other administrative functions – one that allows them to guarantee their clients a risk-free service at a cost-effective price.
Typographical errors, incomplete data entry, undocumented process and insufficient staff resources are just some of the common causes for missed deadlines or compromised IP Rights. But it’s not just in routine IP management tasks, such as data entry, docketing or IP renewals, that a company’s assets can be inadvertently compromised in this way.
Often IP departments simply inherit ‘bad data’ along with as part of the business’s merger and acquisition activity. IP portfolio transfers, in particular, are inherently risky, as they generally require companies to identify and rectify incomplete or erroneous data, and resolve chain of title or IP Recordal issues, generally under pressure of time, fees and resources.
How can I mitigate this risk?