IP audits: a wise investment in business strategy

By Monika Rani Gadgala, Clairvolex Knowledge Processes
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An intellectual property audit – which is simply a detailed and expert assessment of a company’s IP assets – is a useful tool to align the strategies and goals of the organization with its existing IP assets. The overall business environment is always changing, and it is important for the R&D department to stay informed as to the current value of the company’s IP.

Monika Rani Gadgala,Engineer,Clairvolex Knowledge Processes
Monika Rani Gadgala
Engineer
Clairvolex Knowledge Processes

Apart from various kinds of IP, a company may also hold information pertaining to existing and potential customers, distribution networks, marketing strategy, manufacturing practices and R&D capabilities. This information is potentially very valuable, but also a source of vulnerability if mishandled. Assessing the status and commercial importance of such a diverse and extensive range of assets and information is therefore an important task; while being painstaking and tedious.

Given the difficulties and potential risks and rewards involved in the management of IP, an IP audit undertaken by a team of experts has many benefits: a) it can provide an immediate picture of the company’s assets; b) it can enable the development of an ongoing IP monitoring system; c) it can enable the formulation of appropriate procedures and guidelines to protect and enhance the commercial value of the IP assets; and d) it can identify improvements that can be made to the company’s IP strategy.

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Monika Rani Gadgala is a patent engineer and leads the engineering team of the patent and analytics department at Clairvolex Knowledge Processes, a Delhi-based legal outsourcing firm.

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