Posts Tagged: private banking wealth management

Top 5 Myths of IP Asset Management Systems

There are many myths about IP Asset Management Systems related to project implementation, data migration, and actual costs to name a few. Here is a list of the top 5.

Myth 1: Docketing = IP Asset Management

Many organizations still believe that the docketing system is all what an IP asset management system is Asset Management Wealth Advisory. Indeed for law firms, but not for corporate IP departments. Now you have an option to transform your IP operations from a support cost center to a strategic function. You can improve inventor community satisfaction, reduce costs and make your team more effective by creating a self service portal for them to submit new invention disclosures or check the status of their submissions/patent activity. You can monitor the activity of your law firms in real-time and keep a tight control over the budget. You can perform sophisticated analysis on your portfolio to find out key areas of innovation or spot any process bottlenecks. Of course you can do docketing, and so much more.

Myth 2: IP Asset Management software is a commodity product

A typical legal department does not have much exposure to enterprise-wide implementations. Yet, without full understanding of client’s processes, many vendors pitch their products at an unrealistic price. One of our customers had demos from over 40 vendors before making a decision. About 90% of them did not even have a web based system. A web based system which runs on all browsers should be your starting point for any discussion with a potential vendor. It is unreasonable to expect your entire inventor community to install software on their computers just to submit new ideas.

Myth 3: Data Migration is nothing but import and export of some data

Many organizations underestimate the complexity of data migration. They wait until the end of the project implementation to start the data migration. This approach leads to catastrophic failures. Moving from a desktop based system to server based enterprise workflow system is a huge shift. The data in the legacy application may not fit into the new workflows unless carefully mapped. Be sure to make this an important part of your project plan.

Myth 4: We have the same process as everybody else

In all the implementations that we have done, we have yet to find a single mid-large size organization, whose processes are exactly same as anybody else. On the contrary, we found that each mid to large organization has unique processes, unique systems for integration, unique systems for data migration, unique UI requirements and preferences and unique team members. It is far easier to adapt the application to the needs of thousands of potential users over the alternatives.