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How is AI Navigating IP Challenges with Remedies?
Embedded Advisor | Wednesday, May 27, 2020
AI is helping IP professionals generate insights that can open new markets, value an IP portfolio accurately, and deliver a better understanding of next-generation IP investments.
FREMONT, CA: Although Artificial Intelligence (AI) sounds like the stuff of science fiction, people are already interacting with AI-powered systems daily. A host of applications is implementing AI techniques. The ability to analyze the vast amount of data efficiently, identify patterns, and quickly find the optimal solution can be applied to day-to-day scenarios in many different industries. The Intellectual Property (IP) industry is a market where AI could have a profound effect. Conventionally powered by paper, manual searches, and lengthy decision-making processes, AI can be implemented to ease regular IP management tasks and deliver increased insight form IP data.
IP administrative tasks are among the most time-intensive and daunting areas of the IP industry. This process has been historically manual and slow. The chances for error are almost limitless. Besides, considerable time and cost from manual labor are also involved in inputting and analyzing this data. If this process is automated with the help of AI, which is adept at processing vast sets of data rapidly and accurately, it can help in improving efficiency. AI will enable IP professionals to take a more strategic role within the organization, generating insight from data to help shape improved brand performance, while leaving redundant tasks of IP management to computers.
According to Managing Intellectual Property, the number of IP assets globally is growing, and therefore, IP documentation and resources are also increasing. Given that, finding relevant information in these vast data sets is becoming more difficult. Traditionally, searches have been carried out manually, with static search databases being the only aids. AI can not only automate the process of searching databases but also store and use previously collected data to enhance future search accuracy. Research that would have previously taken months can be managed in minutes by deploying AI in an effective way.
AI is now delivering real value to firms that need to solve daunting issues. Within IP management, AI can empower IP professionals to improve their business.
