What are the 10 top features of an IP Management System?

What is an IPMS, and why does it matter?

An IPMS acts as a central repository and interface for your IP portfolio's history, events and documentation, creating visibility and enabling collaboration within teams as well as across departments. An IPMS also serves important compliance purposes by fostering transparency of tasks and information.

While no company is required to use an IPMS, adopting such software comes with a long list of benefits – primarily, the reduction of time-consuming and error-prone manual tasks. An IPMS allows users to simplify and automate various IP responsibilities to ensure human effort can go toward higher-value endeavors, like ongoing research and development. These systems also help minimize risk, optimize collaboration and enable better decision-making across the entire IP portfolio.

Of course, not all systems are equally capable of tackling the complexity of IP management. Some lack crucial features that enable success, while others bring the perfect balance of functionality and accessibility. The key is knowing what attributes to expect.

What makes a good IPMS?

Evaluating IPMSs comes down to understanding two main factors: what they do and how they do it. At the very least, you need an IPMS that keeps your IP documentation in one place and synchronizes your administrative actions. From there, more advanced capacities come into play, such as a system that can support future business expansion by tracking laws across hundreds of jurisdictions.

With a wide variety of options available, it is worth the time to review and compare what different software solutions bring to the table. Here are the 10 top features to look for in an IPMS.

#1: Scalability

Whether you are an individual responsible for a small IP portfolio or a team of experts juggling hundreds of assets, you need room to adjust your approach up and down. The best IPMSs offer an easy-start beginner package that can extend to fulfill additional requirements as your situation changes. This means you do not have to implement an entirely new system every time you scale IP management methods, saving time and money while eliminating the "re-learning curve."

#2: Integrations and synchronizations

Many IP teams struggle to manage patchwork solutions spread across spreadsheets, emails and customer relationship management (CRM) platforms. This introduces significant but needless risks from missed due dates, incorrect data capture and security vulnerabilities. 

Good IPMSs not only offer a single cohesive structure, but they also synchronize with external resources to provide valuable data. For example, the DIAMS suite is embedded into Dennemeyer's own service ecosystem, allowing users to instruct renewals, sync records, import certificates and more without leaving the platform.

#3: Expansive rule libraries

While a smaller company may have IP in one location, market growth and new opportunities often carry you beyond the local to secure rights in other jurisdictions, each with its own regulations. From renewal costs and due-date calculation to the need for statements of use, a strong IPMS houses country law rules for hundreds of jurisdictions. The DIAMS suite has a library maintained by a dedicated Country Law department to ensure clients get accurate information and regular updates.

#4: Organizational flexibility

A well-functioning IP management team focuses on indexing information so members can find it quickly when the need arises. An IPMS should support this in multiple ways, such as linking related items, building category taxonomies with unlimited subcategories and leveraging intelligent built-in search tools.

#5: Regulatory compliance solutions

Ideally, an IPMS solution is designed to help you comply with all legal requirements while limiting the risk of data breaches and other security concerns. For example, Dennemeyer can host DIAMS on highly secured servers in Luxembourg, local servers or even business premises, giving customers full control over every detail to ensure compliance.

#6: Ongoing development

As laws, preferences and approaches change, your strategy must shift to reflect best practices based on new information. The same is true of software solutions, as these will have to adapt to evolving demands and emergent technologies. Hence, a potent IPMS, like DIAMS, will add new functionalities over time. 

#7: Simple data visualization

Even a small IP portfolio can generate a large amount of data that needs to be reviewed. Overlooking details or falsely interpreting information could lead to expensive mistakes or lost opportunities. A reliable software solution addresses this problem through simple but powerful data visualization. Thus, Dennemeyer's DIAMS iQ is able to present even the most complex information by using maps to show the countries in which a particular IP asset has coverage. Via the optional add-on DIAMS Dashboards, users can visualize portfolio dynamics and tailor their layout for meaningful and easy reporting.

#8: Effective record-keeping features

Maintaining accurate records of your IP is vital for everything from research and development to proving ownership. A dependable software solution should act as an enterprise-level tool for recording IP-related data and keeping it accessible to the right staff. With such a setup, users can drag and drop documentation directly into the interface to collect records in a central location.

#9: All-inclusive onboarding

Whether you are transitioning from another platform, moving away from a patchwork solution or getting to grips with IP software for the first time, change can be difficult. Fortunately, the top IPMSs come with fully customized, all-inclusive implementation services. DIAMS even has professional onboarding and data migration teams to help clients handle project management and user training.

#10: Automation

One of the most important considerations in IP management is optimization. By automating repetitive tasks at various levels, an effective software solution keeps everything organized and moving smoothly without creating new hurdles for you. From report generation to to-do lists and task management, IPMS automation can empower your entire IP workflow while limiting human error and other potential liabilities.

Getting the most out of your IP management

The process of applying for patents or trademarks is dense with deadlines and complicated filing procedures. So, when it comes to managing these rights and turning them into tangible value, there is no substitute for expert knowledge and professional experience. Even the right IPMS does not replace this expertise in handling all stages of the IP cycle.

No matter how many assets you manage or what your goals are, a trusted partner with both legal and industry insight can help guide your company, especially when entering new markets, addressing infringement or handling litigation. The global legal teams at Dennemeyer are skilled in all aspects of IP defense and enforcement, bringing the human element to complement your chosen IPMS and helping you chart a successful course for your own business.