These days, American companies recognize the value of intellectual property. They pour billions of dollars into research and development, hammer out licensing deals and acquire patents and other IP through mergers and acquisitions. It’s not uncommon for a large business to have a portfolio of thousands of patents or more. With portfolios that large, many companies are turning to software solutions to help manage and analyze their intellectual property.
One company that offers an enterprise-class, cloud-based solution for IP and innovation management is Lecorpio, which has just released a new update to its software. According to William Soward, chief operating officer of Lecorpio, version 2.7 of the Lecorpio solution,“is optimized for outside counsel and provides a comprehensive approach.”
Soward notes that the use of cloud-based solutions has grown in recent years, and that acceptance of cloud technology has led to Lecorpio’s software being implemented by 13 of the 100 most active patent-filing organizations in the United States. “Since IP is mission critical, data protection is even more important now,” he says. “We go the extra mile to ensure that it is secure. If there is a disaster, we have a failover strategy that ensure quick recovery so companies can stay in business in case something happens somewhere.” He cites Lecorpio’s 99.95 percent uptime as a feature that marks it among the best-in-class.
With so many different players needing access to IP data, the challenge of any IP management system is to provide clean information for all users. When inside counsel, outside counsel, third-party providers and patent officials need access to the data, it is critical that all of the information is 100 percent accurate. “We have worked to add a whole new layer of data integrity to the solution,” Soward explains. “We take the workflow, the steps along the way, what data they are looking for and error check. It eliminates the need for an audit function on the back end.”
The solution also provides asset management and analytics, as well as the ability to automate many steps in the patent process, eliminating paperwork and handoffs, cutting down on data corruption and reducing errors overall.
For inside counsel, the fact that the solution is designed to be used by both in-house and outside counsel is helpful, as it gives them the flexibility to outsource IP-related work and still be sure that there is a consistent approach across all members of the team. Since IP is such a valuable resource, solutions like this one provide another way to protect that value.