Why Your Legal Department Needs an IP Management Module

published on IP Management

Protecting your intellectual property is crucial to the success of your business, because it provides you with a competitive advantage. In a startup company, IP assets often add up to more than 90% of the value of the company and that’s not just limited to patents. IP includes copyrights, trademarks and trade secrets. Employees know that the best way to convince senior management of something is to lay out a business case. Simply stating the benefits or saying that a software will improve your life isn’t enough. Here’s how your organization can boost their ROI by using the IP management module from Effacts.

Efficiency:

Let’s be honest, Effacts can make your life a lot easier. Processing IP manually takes up a considerable amount of time – just think of the amount of data that needs to be entered. The IP management module automates processes, freeing up valuable time for your colleagues to work on higher level tasks instead of standardized work. Consider the following estimates in your ROI analysis:

  • The percentage of productivity improvement to be realized through shorter transaction processing times, faster approval cycles, more reliable routing, reduction in manual intervention and reduced data entry volume and time.

  • The ability to support business growth without hiring extra staff

Effacts-Blog-Why-Your-Legal-Department-Needs-IP-Management-Module

Service:

IP is service-oriented – it involves facilitating, processing, securing and monetizing unique IP for the invention branch of your organization. The invention branch is dependent on the waiting times of the corporate legal department. Therefore, a consequence of improved efficiency is improved inventor satisfaction. Be sure to mention the following in your ROI investigation:

  • How much the inventor wait time can be reduced

  • The percentage in which inventor satisfaction levels can be improved through simpler, faster and automated approval flows.

Compliance:

We’ll keep the explanation short and sweet – no organization wants to receive hefty fines for failure to comply. You can include this in your ROI by listing:

  • The time saved and fines avoided through the availability of a complete audit trail.

  • The savings in legal fees through the presentation of ironclad evidence in court or by avoiding going to court entirely.

Communication:

Most corporate legal departments don’t have the tools in place to monitor or coordinate the activities with external parties. Legisway allows you to collaborate with third parties in the IP lifecycle, to give your organization a competitive advantage. To measure ROI associated with communication, consider:

  • The savings achieved by effectively tracking and managing external parties and the seamless transfer of matters to more responsive resources should the need arise.

Cost savings:

Those two little words words are music to any manager’s ears. There are many fees associated with a patent over the course of its lifetime, not to mention patent application work that must be carried out by the general counsel. Online collaboration tools (including with third parties) allow you to implement new and better patent filing strategies as well as give you immediate access to all the relevant resources in one place.

Takeaway:

The real ROI comes from the improvements in work processes that come from using the IP management module. Customers with an IP management module from Legisway benefit from more efficient workflows, increased productivity, and control of all their documents in a single platform, so they can stay on top of their legal game.

Source: http://www.lecorpio.com/blog/note-to-boss-we-need-ip-management-software/