Why Conduct an Intellectual Property Audit
The goals of an audit of that IP are to: 1) determine what IP your company owns, and 2) develop a strategy to effectively use and manage those assets to maximize their value to your company.
In order to get the greatest benefit from what could be a significant investment of time and other resources, it is important that you and your management team understand why your IP audit is being conducted and the company results you hope to support through the effort. Establishing clear objectives will help to keep the process on track. Clarifying whether the purpose is to reduce the risk of the company being sued for infringement or improving your business’ value will ensure that the investment yields the desired result.
Source: Finkel Law Group, P.C.