How to Conduct Intellectual Property Audits to Protect and Maximize the Value of Your Company’s IP
An IP audit is a systematic review of a company’s IP assets and an analysis of its strengths and weaknesses. The goal of an IP audit is to first determine what IP a company owns and second develop a strategy to effectively use and manage those assets to maximize their value to your company. More specifically, an IP audit allows your company to:
- Identify under-used processes and how they can contribute more to your company’s bottom line
- Review and update standard operating procedures, effectively train your employees to protect your company’s IP
- Review licenses and contracts with third parties, and
- Assess the risk that your company may be infringing upon other companies’ IP rights.
Source: Finkel Law Group, P.C.