What Is The Importance Of IP Audits?
It is necessary to understand the importance of IP audits. IP audits can assist with evaluating, protecting, and developing IP, fixing defects in IP rights, using unused IP, and identifying risks that a company’s goods or services trespass on someone else’s IP. And putting best business practices for IP asset management into action.
An in-depth analysis of the client’s IP assets is part of Menteso’s IP Audits service, followed by a business strategy.
Analysis and verification of the company’s patents include a patent portfolio audit. The first step in a patent portfolio audit is to examine a wide range of information about the patents, including ownership, filing dates, payment deadlines, patent family details, etc.
For instance, a patent application must disclose every relevant prior art. And that comes to his attention continuously, including all patents mentioned globally throughout all members of the patent family. Otherwise, the patent may be cancelled after the grant. An audit of a patent portfolio can reveal such conditions, which could be unfavourable to the patent.
The well-being and health of the patents are usually the ends of a good patent portfolio assessment, though. Recently, businesses have begun to take on more complicated tasks, like verifying the patents’ filing dates and identifying who owns the patents. Today, a patent portfolio audit is carried out to answer several issues, including Which assets give a company’s operations their main competitive advantage? Which assets are useless, perhaps due to a fundamental technological change or other reasons?
A strategically performed Patent portfolio audit helps the business evaluate the portfolio’s strength. Identify the risk that their goods or services may destroy other businesses’ patents. And try to make well-informed decisions concerning IP protection, development, licencing, and misuse. The following are some of the particular requirements that can encourage a patent portfolio audit:
- defining features of the portfolio and evaluating the patents’ applicability
- reducing the risk of patent loss
- reducing costs by identifying patents that aren’t very valuable
- Examine the in- and out-licensing opportunities.
- Before introducing a new product in a particular region, consider the strength of the IP rights and the associated risk.
- Identifying key assets crucial to the company’s primary business aims
- to raise a business’s value in preparation for consolidations, purchases, partnerships, sales, etc.
- Determine the consequences of IP rights expiration, estimate them, and start planning for them.