PR Newswire
LONDON, Sept. 24, 2024
Sharing benchmarks and strategies to elevate IP practices
LONDON, Sept. 24, 2024 /PRNewswire/ -- Clarivate Plc (NYSE: CLVT), a leading global provider of transformative intelligence, today released a new survey-based report that reveals insights and best practices for optimizing intellectual property (IP) operations. In the Excellence in IP Operations report, experts highlight challenges and opportunities facing IP operations departments through the lens of strategy alignment, resource allocation, technology enablement and artificial intelligence (AI) adoption.
The report is based on a global survey which took place over 10 weeks. 184 IP professionals from corporations and law firms, including both clients and non-clients of Clarivate, responded to the survey. From these responses, Clarivate experts analyzed results to unveil key insights and benchmarks, helping IP departments understand ways to achieve operational excellence.
Annya Dushine, Senior Director, IP Consulting, Clarivate, said, "The world of IP experienced a seismic shift over the last half-decade. This survey gives us fundamental insights into what the industry is experiencing today. By combining these results with our extensive knowledge of IP operations, we can shed light on trends and challenges in IP operations and help organizations and law firms build effective strategies to achieve IP operations excellence."
Key findings of the report include:
- Highly rated IP operations teams align KPIs to business goals: Established and well-communicated key performance indicators (KPIs) and success metrics correlate to strong alignment between IP and business strategies. 65% of corporate respondents who knew and understood their department's KPIs also indicated that their IP and overall business strategies were aligned. This figure rises to 70% for law firm respondents.
- Process management is a key enabler for success: Organizations with well-managed operational processes not only show greater strategic alignment but also more efficient use of staff. While expanding a staff member's remit can lead to more diversified skills, it may also negatively impact work quality and productivity. Getting the balance right is critical for maintaining employee satisfaction and supporting growth.
- Closing the AI adoption gap leads to excellence: Interest and awareness in AI technology is increasing, particularly around complex IP workflows; yet deployment remains low. For both corporations and law firms, IP teams who were behind the curve on AI deployment experienced greater inefficiencies. 83% of respondents who spent over half their time on tasks unrelated to their primary role were not currently using AI in their IP department.
- Technology enablement encourages efficiency: Satisfaction with technological setup is closely linked to well-defined roles and clearly integrated IP workflows. 64% of respondents who reported very low satisfaction with their technology setup also spent more than 50% of their time on tasks outside their primary role. In contrast, respondents who felt well-equipped with the right technology spent significantly less time on unrelated tasks.
- Constrained resources require novel approaches to IP operations: IP teams need to find novel ways to perform their daily tasks more effectively when budgets are tight. Exploring new AI-based features and functionalities within the software they already utilize may help.
Vasheharan Kanesarajah, Vice President, Head of Strategy, Intellectual Property, Clarivate, said: "IP professionals are under pressure to prioritize and balance strategy and tactics. A continuous stream of new tools, technologies and business models creates a shifting landscape that can be challenging to navigate. By combining our unmatched data and expertise in people, processes, intelligence and technology, Clarivate helps clients transform operations and uncover the maximum potential of IP."
Learn more about Excellence in IP Operations.
Methodology
Clarivate launched its inaugural IP Operations Insight Survey, providing benchmarks to shape and support the future of IP practices. 184 IP professionals from corporations and law firms, present in 50 countries, responded to the online survey between May 1 and July 12, 2024.
Of those who responded, 63% worked at corporations, with the largest sectors being Manufacturing (14%) and Pharma/Biotechnology/Healthcare (9%). The remaining 37% worked within law firms or legal services.
Geographically, respondents were primarily located in the United States (31%), Germany (8%) and the United Kingdom (6%), with the remaining spread across 47 other countries within Africa, Asia, Europe, Oceania, and the Americas.
Survey recipients were asked to answer 22 questions designed to measure effectiveness in IP operations, which were used to establish baseline benchmarks for measuring IP operational excellence.
These questions measured critical aspects, including:
- Key performance indicators (KPIs) and strategy
- Staffing and resource allocation
- Training and process management
- Technology and artificial intelligence.
About Clarivate
Clarivateâ„¢ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
Media Contact:
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SOURCE Clarivate Plc
