Change is the only constant. And what drives change is continuous innovation. The technologically driven life in the 21st century is the outcome of inventions and discoveries that happened over time. Advancements like access to big data, machine learning applications, and computing hardware improvements are ushering in a new paradigm of technological shift. Consequently, intellectual property (IP) has become a subject of growing importance globally.
The economy of a developed nation relies, largely, on the innovative solutions developed by researchers, and lawmakers have since long recognized the need for IP rights to protect the inventive work of individuals and firms alike. IP rights also enable firms to recover their research and development costs. IP protection tools, like patents, encourage businesses to develop new solutions and be assured of protected IP rights. Patents on software-related inventions are no less than a reward for the time, effort, and monetary investments put in by the researchers.
With IPs helping generate path-breaking solutions to global challenges and contributing to the growth of business entities, there is a significant growth in IP applications in the global economy. Around 182,218 patents were granted in FY 2000 in US alone, which increased by 100 percent to 399,055 in FY 2020.
Given the importance and value of patents and, more generally, intellectual property, many firms are increasingly realizing the value of IP Management. IP Management is one of the ways to protect IPs. Making sure that IPs are adequately managed is extremely important for a firm or individual success. Innovators feel assured that their investments and returns on the solutions are protected and managed well, which further translates into incentives for their employer firms to increase investments in innovation since most innovations are profit oriented. Modern technology like AI is transforming the way IPs are managed. The use of AI in IP Management is already occurring and is poised for even greater adoption.
Disruptive technologies are disrupting innovations
Across industries, new age technologies like Artificial Intelligence and Machine learning have taken a leading position in driving innovation that has effectively disrupted various aspects of life. Artificial Intelligence and Machine Learning have given a boost to the demand for new forms of intelligent solutions in IP management.
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Wipro’s IDP (Intelligent Document Processing) is also used as an IP management tool that extracts intelligence in real time by comparing, processing, and validating complex contracts like Patents by using artificial intelligence algorithms (E.g. NLP, image processing). Often IP lawyers are engaged in analyzing large IP portfolios and trying to draw an insight from the available contracts. The traditional method of analyzing and reviewing these contracts like Patents, Copyright, and others involves going through hundreds of documents and doing manual research. This is a long and tedious work. But with Intelligent Document Processing all this can be done at a faster pace. It helps in formatting, drafting, and reviewing patent applications with the technologies that are well-established in knowledge management, including text analytics.
IDP also helps in risk assessment by identifying the clauses in the documents that are of high-risk or are relevant. It also saves time for lawyers in search by pinpointing and directing them to where specific phrases appear in lengthy contracts. This solution for contract review benefits both the lawyers and the clients by saving both time and money. Hence, it is an efficient way of managing IPs.
Wipro is working on more such intelligent solutions with other partners like IBM, AWS, Microsoft, Google. Through such intelligent solutions it is evident that the disruption of traditional approaches is inevitable in the face of increasing demands of innovative solutions across the world.
Towards an innovation-led future
The ongoing pandemic has accelerated the adoption of emerging technologies and digitization. Towards the close of 2020, the IP landscape witnessed a high magnitude of innovation. There is an increased demand for IP rights enforcement as it also acts as an assurance on the authenticity of the solutions. An effective system of IP management can catalyze economic development and socio-cultural well-being. The future belongs to an effective IP management strategy, which can help steer the global economy towards higher and assured investments in innovations.
Wipro’s leading edge IP solutions can redefine your IP strategy and outcomes. For details, connect with our experts at Wipro Products and Platforms