Artificial Intelligence (AI) is gradually becoming the preferred technology for corporations intending to solve highly complex and data-heavy challenges. Digital retailers are employing AI-powered robots to manage warehouses. Utilities are utilizing AI to estimate electricity demand. Mobile networks are using AI to run an ever-increasing requirement for data. The world stands on the threshold of a new era of AI-powered technology.
The Intellectual Property (IP) industry is one more market where AI has the potential to have a profound impact. Conventionally powered by paper, manual searches, and extensive decision-making processes, AI simplifies everyday tasks and delivers augmented insight from IP data.
Increases efficiency and reduces risk
With automation of the submission of IP data and assurance that every single item of IP has a unique identifier, communication from the various patent offices and agent networks can be organized and searched on demand. An AI engine can be subsequently used to detect relevant information in correspondence, resulting in faster and more precise outcomes.
Exploration and analytics
AI and Machine Learning (ML) can be used to automate the process of searching huge databases as well as to store and use previously collected data to improve the accuracy of future searches. AI can also be deployed to gain insight into a geographical or vertical market. Insight into the strong and weak points of markets in specific countries could be backed by competitive IP data to deliver an instant overview of the most beneficial geographies to apply for further protection. Research that would have earlier taken months to realize, can be achieved in minutes by effectively deploying AI.
Providing insights
By analyzing large sets of data, AI can forecast where the strongest and weakest area of a company’s portfolio of IP lies.
It has the potential to shape future investment decisions in R&D, help companies recognize their relative strengths and weaknesses in terms of their competitors, and allow companies to discover potential opportunities in new markets.
Conclusion
Today, AI is providing real value to businesses that need to solve complex issues. Within IP management, AI can empower IP professionals. Everyday IP tasks can be time-consuming, but AI allows IP professionals more time to focus on more strategic assessments in their company’s portfolio. It will also lead to better accuracy while reducing the risk of IP insight and human errors. And most important of all, AI will help IP professionals gain business insight that can open up new markets.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.
