What is the Role of Artificial Intelligence in Intellectual Property?
For decades AI has been a technology that can manipulate large volumes of data efficiently and quickly. It can also help 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 old challenges and issues.
Let’s take, for instance, traffic management. London’s initial traffic management system was a manually operated gas-lit traffic signal that 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 instantly gather information on the traffic volumes, current blockages, and historical trends to provide the ideal solution for the traffic in London. It can do this in real-time, continually managing and tweaking flow to deliver the best outcome. AI is the increasingly best technology for organizations wanting to solve the more complicated and burdensome data challenges.
Digital retailers are mainly utilizing AI to forecast electricity demand. Most mobile networks use AI to manage the increasing demand for information. 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 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 and 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.
Hundreds of items of paperwork might be generated in a different language, each with its opportunities and challenges.
Each data currently would be checked manually and input in 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, IP remains the most treasured asset for several organizations. A simple mistake in imputing the renewal data can risk losing an asset 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 from the manual labor indulge in imputing the data. This activity can be automated, allowing law firms and IP experts to be dedicated to more strategic issues. AI Technology is 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.
Analytics and Search
Several IP assets are growing globally. As per the WIPO, around 7.8% of patent filings were done in 2014 and 2015. This upward trend in the fillings has been 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 complicated. Historically, searches might have been manually carried out, with the static search databases only supported tools.
Machine learning and AI not just can 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 accomplish, can be managed in minutes using AI efficiently.
The broad IP portfolio is likely to have both weaknesses and strengths. As an outcome, companies are only limited in managing the processes such as renewals utilizing the insights to gain a competitive advantage.
Most IP experts are already analyzing the value of the patent portfolio. AI can check where an organization’s IP portfolio is weakest and most energetic by checking a large data set. Thus, in turn, shape future investment decisions in development and research. Helping organizations understand relevant weaknesses and strengths.
Now AI is delivering real value to organizations that must 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 to focus more on strategic decisions in their portfolios. Also, it will be derived enhanced accuracy while reducing the risk of the IP insights and intelligence moving as employees do. However, AI helps IP experts generate business insights that open new markets and deliver an excellent understanding of the next generation of IP investment.