What is Intellectual Property Management Software?
Intellectual Property Management Software helps track, maintain, and protect intellectual property such as trademarks, copyrights, patents, inventions, symbols, images, trade secrets, and more. It also enables users to directly file for IP (intellectual property) protection and keep track of all the procedures till their IP gains legal protection.
Intellectual property management software (IPMS) helps companies and law firms manage their intellectual property (IP) portfolio and the legal entities designed to protect their IP, which includes trademarks, copyrights, and patents.
IP management software centralizes all IP-related tasks and acts as a docketing system for IP filings. The tools facilitate a shift from spreadsheets to comprehensive systems for patents, copyrights, and trademark management.
Companies and law firms utilize intellectual property management tools for IP docketing to file patent applications, construct IP workflows, streamline the process of sheathing an idea in legal protection, and store all documents related to the IP.
Users can also maintain a centralized database of all the IP assets, apply for IP ownership, track violation of intellectual property rights, and more. IP management software is often used by corporations, law firms, and inventors to maintain a portfolio of all IP assets, check for infringement, collaborate with clients, etc.
Common Features of Intellectual Property Management Tools
Here are some common features users can find in every intellectual property tracking software such as:
- Document Storage: Store all the documents related to your intellectual property including IP applications, invention-related data, IP infringement documents, IP contract renewals documents, and more.
- IP Asset Management: Track, manage, and maintain all the IP (Intellectual Property) assets, including patents, trademarks, logos, etc., from a single solution.
- Automation: Streamline and automate repetitive tasks including sending reminders and alerts, updating intellectual assets’ info, making payments, and more.
- Docketing: Easily manage deadlines, documents, and data related to IP application procedures through trademark docketing software.
- Task management: Easily keep track of all the tasks related to copyright, patents, trademark, etc., applications, management, litigation, renewal, and more from a single solution.
- Integrations: Easily integrate with different software including patent search software to know about the data of existing patents.
- Client collaboration: Law professionals can collaborate with their clients and provide them with a real-time view of their IP application status, estimated IP protection cost, and more.
- Legal Spend Management: Keep track of all the expenses that occurred during the procedure of IP protection and acquisition in legal proceedings.
- Payment Processing: Law professionals can receive all types of payments for IP filings and their protection from their clients and vice versa through this software.
- Dashboard: Track and view all the tasks and data related to intellectual assets and their management through a centralized dashboard in real-time.
- Contract Renewals: Easily file for contract renewals of your intellectual property including trademarks, patents, etc., directly from the system.
Benefits of Patent Portfolio Management Software
- Maintain a Portfolio of IP Assets: Intellectual property asset management software enables organizations and law firms to maintain and handle the portfolio of IP assets. Users can easily track and manage various intangible assets including trademarks, patents, copyrights, etc., easily through this solution.
- Easily Collaborate with Clients: Law professionals who handle IP applications of their clients can easily collaborate with them in real-time. They can share the application status updates and send requests for additional data to their clients with IPMS.
- Track IP Infringement: IP and patent management software allows users to track the infringement of patents, trademarks, etc., with AI-based technology. It helps in finding IP infringement and protecting IP rights by allowing them to file for the IP violation case through this tool.
- Easily get Estimation of IP Cost: Users can easily get the estimated costs for acquiring legal rights for their intellectual property with AI-based analytics. The solution will study industry type, invention complexity, and scope to provide an estimated IP acquisition cost.
- Keep a Track of Existing IP: Business entities and patent attorneys can easily keep track of all their existing IP assets, store their information, check for their infringement, and file for renewals with IP management software.
- Easily Track Your Intellectual Property Application: Organizations can keep track of their intellectual property in real time till the acquisition procedure is completed through IP management software.
- Get Notified When Infringement Occurs: Intellectual property management tools monitor online websites to identify IP infringement. In case when IP infringement occurs, it notifies users via alerts and notifications.
Who Uses Intellectual Property Management Solutions?
Intellectual Property Management solution is useful for the following group of people:
- Patent Attorney: Patent attorneys use patent management software to maintain a portfolio of their clients’ IP assets. It also helps them in managing the entire application process for the IP protection of their clients.
- Inventors: The creators of intellectual property use intellectual property management systems to file for their IP protection, track its status, check for IP infringement, and manage the existing intellectual property.
- Corporations: Businesses use intellectual property tracking software to maintain their IP assets portfolio, store their data, track them, and acquire legal rights over them.
Challenges with Intellectual Property Management Software
Data Security: Data security is important to keep all the data related to inventions and trademarks secure that have not yet acquired legal status. However, not all IPMS offer robust data protection features to keep the data protected and free from data breaches. This might lead to the infringement of intellectual property rights.
How to Choose the Best Intellectual Property Management Software (IMPS)
- IP Assets Support: Choose an intellectual property management system that helps you handle a plethora of IP assets including patents, trademarks, copyrights, inventions, etc.
- Clients Portal: The client portal will help legal attorneys to communicate with their clients and provide them with IP application status updates.
- Infringement Tracker: The IP management software with an infringement tracker would help you to track violations of IP asset rights.
- IP (Intellectual Property) Filing: The solution you are planning to choose should allow you to file for IP protection and infringement.
- User-Friendly: IP portfolio management software should have a user-friendly interface to easily go through different sections and modules.
- Cost: Choose software that fits your budget and requirement.
- Scalability: The scalability feature of intellectual property management tools would help you to manage a bulk of IP assets in the future.
Similar Software Categories Related to IP Management Software
- Audit Management Software: Audit management software helps organizations to streamline and automate their auditing procedure and stay compliant with regulations. With this software, you can define, monitor, and implement auditing procedures.
- Risk Management Software: This type of software helps businesses in recognizing and resolving various business, non-business, and financial risks. With risk management software, they can create preventive measures to avoid risk.
- Contract Management Software: It helps legal entities and law professionals to create, manage, and maintain the contracts of their clients.it digitizes all documents and stores them in a centralized repository.
- Law Firm Software: Law firm solution enables lawyers and practitioners to meet the necessary compliance needs including document retention policies, electronic filing systems, and more. With this software, they can easily do their legal practice, streamline documentation, minimize data errors, and more.
- CA Office Management Software: This software has been designed especially for CA professionals to manage their practice. They can easily maintain all their client's data, meet compliance requirements, and more through this software.
- GRC Software: GRC (for governance, risk, and compliance) software helps organizations to manage their governance, risk, and compliance requirements. The main purpose of this software is to identify and measure business risks and ensure compliance with internal and external compliance regulations.
- Legal Case Management Software: It has been designed for legal entities to streamline and automate every task related to legal cases. With this solution, they can maintain all documents, track billable hours, accept payments for their cases, and more.