Artificial Intelligence (AI) has proved to be a game-changer on the technology landscape for decades now. This is because it facilitates a lot of operations at levels that traditional methods are incapable of attaining.
With AI, it is easy to manage huge volumes of data with the speed and dexterity needed to stay abreast of a fast-paced digitized world that enterprises operate in. AI can be deployed to identify patterns and quickly evaluate the best solutions for that situation. This is why AI is increasingly being deployed across industries.
One such industry is the Intellectual Property (IP) industry. In the recent past, most of the processes in this industry were paper-based. AI is currently being deployed to handle routine tasks and to assess more insights from IP data. Here are some of the ways that AI helps with better IP.
Improved Efficiency and Reduced Risk: IP administrative processes are key to better IP status, but they are time-consuming and risky. Multiple tasks, tons of paperwork, language translation issues, and data entry generated many data processing errors that threatened IP asset management. Beyond these processing errors, there were the time expended and the high costs involved. The traditional IP administration methods are no longer feasible in today’s business climate. Thankfully, AI deployment can revolutionize things. AI can be deployed to process large sets of data accurately without taking too long. In this sense, it boosts accuracy while freeing enough time for more valuable tasks. The ease at which actionable insights are generated also serves to boost the efficiency of IP management operations. The increase in accuracy, efficiency, and speed also reduces the risks involved in the IP management processes as less errors are made.
Search and analytics: There is an unprecedented increase in the number of IP assets worldwide. The ripple effect is that IP documentation and resources are on the rise. Consequently, it has become increasingly difficult to discover relevant information on the myriad data that is being generated daily. AI automates the examination of huge databases while storing and employing collected data to making future searches. This way, research that would have taken eons can be done in a matter of minutes using AI technology.
Generating insights: Generating actionable insights from large IP portfolios used to an issue because of the size of data that had to be mined. With the global increase in IP assets and portfolios, data mining will be challenging to effect without AI by extension. Actionable insights give a competitive edge in the IP industry in addition to enhancing management processes. AI can be applied to generate actionable insights into industry trends. With the wealth of these actionable insights, enterprises can better handle their IP portfolio management as they know the right actions to take regarding their IP assets.
AI can be deployed for effective IP management, as it increases accuracy, efficiency, and reduces risks. When deployed effectively, AI can help generate actionable insights that can be leveraged for business growth.