Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Intellectual property or IP covers the patents, trademarks, trade secrets and copyright earned by a given person or organization thereby limiting the usage of the concerned entity to the owner only. This includes only the intangible rights.
Some of the objectives for collecting the intellectual property are 'financial (as the owner has the right to make revenues by increasing its access in return for an amount), technology (by restricting the reach of technology), economic growth (greater is the number of IP assets held by a given industry or country, more are the chances of witnessing economic growth).
By possessing the industrial design rights in just own domain, one can harness the returns in terms of finances and reputation.
Moving on, it is necessary to keep a check on the performance of the IP assets. One can opt for balanced scorecard strategy for this. This is to put the 'metrics that count' on a single platform and revisit those whenever needed. One can make sure that the values are within the suggested range by minimizing or eliminating the deviations, if found.
This tool has been employed by innumerable organizations till date to create a useful 'follow-up system'.
This is the actual scorecard with Intellectual Property Performance Indicators and performance indicators. The performance indicators include: intellectual property, cost, total internal cost, total external cost, attorney productivity, number of filings per legal assistant, number of filings per attorney, internal hours, external hours, cycle time, average number of hours per internal attorneys, average number of hours per internal legal assistants, average number of hours per external attorneys, average number of hours per external legal assistants, efficiency, alternative fee arrangements, hours by internal attorneys to legal assistants, hours by external attorneys to legal assistants, average cost, average internal cost, average cost using standard billing system, average cost using alternative fee arrangements .