For decades AI has been a technology that can manipulate large volumes of data efficiently and quickly. Additionally, it can help to identify the patterns and speedily analyze the ideal solution which can be applied to several day-to-day scenarios. Moreover, it has been set to come of age in the era of big data and real-time decisions where AI can offer solutions to the old challenges and issues.

Take an instance, traffic management. The initial traffic management system in London was a manually operated gas-lit traffic signal that promptly exploded two months after its introduction. Since the inauspicious start, a complicated network of road closures, traffic lights, traffic management, and pedestrian crossings have served to drive the complexity of traveling in the city. Now traffic goes more slowly than ever, so several new systems are added to manage the system better.

AI can change it. It can gather information on the traffic volumes, current blockages, and historical trends to provide the ideal solution for the traffic in London instantly. It can do this in the near real-time, continually managing and tweaking flow to deliver the best outcome.

This is the reason AI is the increasingly best technology for organizations that want to solve the more considerably complicated and burdensome data challenges. Digital retailers are mainly utilizing AI to forecast the demand for electricity. Most of the mobile networks are using AI to manage the increasing demand for information. Now, we are standing on the threshold of the new age of AI technology.

The IP industry is another market where AI has a profound effect. Conventionally, it is powered by manual searches, paper, and lengthy decision-making processes. AI can be used to simplify day-to-day tasks to deliver enhanced insights from the IP data.

Reducing Risk and Enhancing Efficiency

The administrative tasks of the IP are highly intensive and risky areas of the IP. The law firms, as well as corporate IP departments, might anytime cover the thousands of individual items of IP data across several jurisdictions, dealing with several products. Historically, it has been a slow procedure and significantly manual.

Suppose one single patent in which an organization has applied for protection in several countries. The network of agents familiar with the processes needed to gain the protection countries each will help the company accomplish its goal. Along the way, hundreds of items of paperwork might be generated in a different language each with its opportunities and challenges.

Each of these data currently would be checked manually and then input into any IP management system. Naturally enough, this could result in errors in data processing. Now consider this across several patents. Opportunities for mistakes are boundless. Well for several organizations, IP remains to be the most treasured asset. A simple mistake that is done in imputing the renewal data can risk losing an asset that is worth millions. Well, it is worth noticing that the WIPO (World Intellectual Property Organization) estimates around a quarter of patent information is wrong. Thus, the risks are better evident.

Additionally, the considerable time and cost accrued from the manual labor in imputing the data. This is the activity that can be automated, frees the law firms and IP experts to be dedicated to some more strategic issues. AI Technology us much proficient in processing large sets of data instantly and accurately. Also, it enables IP experts and law firms to take up more strategic roles in the company, getting insights from the data to shape future company performance, while leaving many ordinary aspects of IP management to the systems.

Automating the submission of the information and ensuring that each item of IP has an exclusive identifier, correspondence from several patent offices, and agent networks which can be sorted and searchable on demand. The AI engine can be used to recognize the related information in communication, the outcome in a faster an accurate result.

Analytics and Search

Several IP assets are growing globally. As per the WIPO, around 7.8% of patent filings are done in 2014 and 2015. This trend upward in the fillings has continued for about 20 years. Thus, IP documentation and resources are growing. So, finding the related data in this vast amount of information has become much more complicated. Historically, searches might have been done and manually carried out with the static search databases being the only supported tools.

Machine learning and AI not only automate the procedure of searching large databases but also store the previously used gathered data to enhance the accuracy of future searches. AI can be utilized to offer insights into the geographical market. Consider a company looking to use the IP in some new areas. It might be perfect to consider the best countries to file for prevention. The strengths and weaknesses of the insights of the market in some countries can cross-reference the competitive IP data to provide a quick overview of the beneficial geographies to apply for further preservation. The research which has taken months to be accomplished can be managed in minutes by efficiently using AI.

Driving Insights

The broad IP portfolio is likely to have both weaknesses and strengths. As an outcome, companies are only limited in managing processes such as renewals utilizing the insights to gain a competitive advantage.

Most IP experts already are analyzing the value of the patent portfolio. By checking a large set of data, AI is capable of checking where an organization’s portfolio of IP is weakest and most energetic. This, in turn, shapes future investment decisions in development and research. Helping organizations understand relevant weaknesses and strengths.

Conclusion

Now AI is delivering real value to organizations that need to resolve complicated issues. Within the management of IP, AI can empower IP experts. The daily tasks of IP are time-consuming, but AI technology enables professionals time to more focus on the strategic decisions in their portfolios. Also, it will derive enhanced accuracy while reducing the risk of the IP insights and intelligence moving as employees do. However, AI helps IP experts to generate business insights that open new markets and deliver an excellent understanding of where the next generation of IP investment comes from.