Understanding the Importance of Data Verification in an IP Strategy
When it comes to forming an Intellectual Property (IP) strategy, high-quality, accurate, and relevant data play an integral role. Without any second thoughts, the strength of every other IP asset depends highly on the accuracy of data obtained during the process of data verification. The process offers valuable information, which helps in identifying discrepancies, prioritizing patents, mitigating potential risks, and enabling the team members and managers to make strategic and well-informed decisions. So, let us now make ourselves familiar with a few considerations, which you need to keep in mind while including data verification in your overall IP strategy.
The Importance of Data Resources The most crucial aspect of data verification is making sure that you have the right access to up-to-date and high-quality resources. It can indeed prove to be challenging for some businesses as the same requires access to various data sources, some of which may not be in the electronic format. Besides, it can become a costly affair to maintain consistent and accurate data entry in your overall IP portfolio, especially at the time of organizational changes, like mergers and acquisitions. As per a report issued by the World Intellectual Property Organization (WIPO) in 2015, somewhere around 25% of the patent data is