Importance of Intellectual Property (IP) Audit

What is The Importance of Intellectual Property (IP) Audit

 Intellectual Property (IP) Audit
Importance Of Intellectual Property (IP) Audit

The Importance Of IP Audit Systems in Businesses and Organisations “If you don’t measure it, you can’t manage it” is a very apt saying and explains the entire intent of this service vertical. Intellectual Property and the laws regulating it have undergone a sweeping change in the last few years. Considering the value and power of Intellectual Property, too much is at stake to ignore the promotion, protection, and commercialization of such valuable property, and ignorance of the laws in any manner can lead to legal disputes. It is not surprising that infringement lawsuits are proliferating.

It thus becomes mandatory for any organization to protect and safeguard its Intellectual Property. In order to do so it is imperative for the companies to understand as to what rights the organization owns, whether the organization is protecting its right properly, is the mode of protection adequate, whether it has a proper procedure to determine what rights it should be registering, whether it has a system to minimize the risk of infringing third party rights, evaluation of contractual term for the right assigned or used under license,

how trade secrets are protected from employees, should the organization develop back up ‘mark’, how big should be the inventory of trademark and such other important issues. An IP Audit is defined as a systematic review of the IP owned, used, or acquired by a business. Its purpose is to uncover under-utilized assets, identify any threats to a company’s bottom line, and enable business strategists to devise informed strategies that will maintain and improve the company’s market share and brand equity.

Experience – Intellectual Property (IP) Audit

The Intellectual Property (IP) Audit Systems in Businesses and Organisations IIPRD has worked with numerous Indian and International Corporates to help set up their IP Cells and conduct IP Audit and Due-Diligence programs. IIPRD has set up a dedicated IPR Audit cell, which deliberates and implements issues that business organizations need to understand.

If you feel the need to establish correct practices to manage your Intellectual Property, please reach out to us at IIPRD and we assure you our team having the right skill set, across technology domains, would help you to introduce and place on record the correct IP Management systems.

Our Approach – Intellectual Property (IP) Audit

The IIPRD’s Intellectual Property (IPR) Audit cell goes through an unbiased audit & the perfect due diligence that can help the corporate in:

  • Establishing the right IP strategy and correct practices to manage IP at the corporate
  • Introducing and placing on record the correct IP Management Systems
  • Leveraging IPR for business growth

IIPRD initiates the Intellectual Property (IP) Audit process by reviewing the existing IP Policies, Standards, Controls, Compliance Procedures, and Practices in the Corporate. Based on the review, critical analysis and comprehensive discussion are done on the existing IP Portfolio of the Corporate, and extensive timeline-based policy changes, transformations, and activities are charted out to ensure a steady and strong growth in the IP Portfolio of the Company keeping in mind the twofold mandate of Enforceability and Commercialization Capability.

The Information Technology (IT) Policy

This defines the rules, regulations, and guidelines for proper usage and maintenance of technological assets to ensure their ethical and acceptable use and assure health, safety, and security of data, products, facilities as well as the people within the organization using them. Read more…