Generally, the main source of strength for any business were factors such as buildings, equipment, and land. Nowadays, though, a lot of businesses tend to rely on competitive strength and other assets, such as trademarks, patents, designs, copyrights, and more.
An IP audit is something else that business can rely on as well. Generally defined, this is a systematic review of all of the intellectual businesses that another business has used, acquired, or owned so that they can assess and manage risks, solve problems, and put practice into place in terms of managing IP assets. This type of audit is a wonderful tool for helping to manage any knowledge-driven business, especially when it comes to either creating or revising a useful IP strategy.
An IP audit involves taking on a more comprehensive review of a company’s IP assets, as well as all relevant policies, compliance procedures, and related agreements. It can also help any business make a general inventory of all of its IP assets, as well as analyze the following:
- How these assets are used or unused
- Whether the assets are owned by the company or other entities
- Whether the assets are infringing on the rights of others or vice versa
This audit is designed to do the following:
- Uncover assets that are either unused or under-utilized
- Identify potential or existing threats to the bottom line of a company
- Enable a business to devise strategies involving business and IP that are informed that will enable them to maintain and improve their overall competitive position in the market
There are three types of IP audits that are always performed:
- General purpose
- Event driven
- Limited purpose focused