Selecting the Right Intellectual Property Asset Management Software

in Intellectual Property Software

Recent research on Intellectual Property (IP) asset management software products indicates that a majority of companies are dissatisfied with their software. Many research participants cite insufficient support for evolving process improvements, interfacing to third party software and reporting needs.

We now see a growing pressure for companies to upgrade or implement better IP asset management software and thus, these companies are embarking on the software selection and evaluation process.

For many IP leaders this can be a daunting process; one that includes developing a business case, establishing product capabilities requirements (i.e. company needs) and evaluating vendor software and capabilities to implement and support the company. The financial investment, preparation and resources can be significant for companies of all sizes.  The Software Evaluation and Selection process consist of multiple phases.

Some things we would suggest you do in Phase One are:

1) Understand how you currently operate and how you would like to operate.  Document the improvement opportunities. If possible, map out your processes so you can visualize the people, interactions and sequencing of activities. A visual map can help you see efficiency and effectiveness opportunities.

2) Understand the value propositions for each key stakeholder and meet with them one-on-one to get their requirements (needs).

3) Develop a business case that helps you articulate the business value of the improvements.

4) Develop your IP asset management solution requirements, this should include functional and performance requirements, reporting/analysis needs (decisions), technology and support.

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