Business Intelligence for IP Law firms: Why Do You Need It?
Companies use Business Intelligence to make better and more accurate decisions. But, the real potential of Business intelligence is much more. And only IP law firms can realize this.
Canadian IP law firms use Business Intelligence to a greater extent and gain strategic benefits. Business Intelligence helps them to get a holistic view of their client companies. It also helps them to understand the IP issues of their clients and solve them legally.
How Canadian IP Law firms can gain strategic benefits from Business Intelligence
Business Intelligence helps Canadian IP law firms to gain strategic benefits in the following ways
Gain complete knowledge of the industry, market trends and competitors
IP law firms have the huge responsibility of advising clients on IP matters legally. To do this, they must have complete knowledge of not only the client but the industry as well.
Business Intelligence offers IP law firms intuitive insights into the industry. It enables them to study the market trends and analyze the competitors’ performance. With the help of Business Intelligence, IP law firms can advise the client better. They can help them upgrade their services, retain their clients, and look for cross-selling opportunities.
Quick response to the client
For IP law firms, deadlines are always around the corner. Clients insist that IP law firms verify the certain license or trademark registrations for other companies within short notice.
Business Intelligence offers tools like Trademark Search and ExaMatch to do the quick screening of trademarks and licenses. With BI tools, IP law firms can also remove any barriers to branding in a swift manner. In short, Business Intelligence enables IP law firms to respond to clients without any delay. It reduces the time and effort of IP law firms. It maximizes their productivity and efficiency.
Search for new Investment opportunities
Companies are on the lookout for expert IP law firms to analyze the portfolios of the companies with whom they wish to acquire or merge. IP law firms can now use Business Intelligence to search for new IP investment opportunities. They can also look for new partnerships or businesses. They can see which licenses and copyrights to buy or sell.
IP law firms use BI to increase the revenue and scope of business.
Avoid legal disputes over trademarks or copyright infringement
Legal disputes always cost money. IP law firms can make sure that when the company launches a new product, it is not using any patented product or copyrighted content. The law firms use BI to check all this beforehand and avoid such infringement issues.
Identify viability of product or project
Business Intelligence can even help IP law firms predict the viability of the product or project. The law firms can use BI tools to check if there are many patents for similar products. If there are many similar patents but the product has not yet entered the market, it means that the product is not commercially viable.
Extend extra business services
In addition to consulting services, IP law firms can provide proactive searches for patent applications and analyze any gaps in trademark coverage over several territories. It would increase the demand of their clients while expanding a new line of business that could generate significant revenue. All such extra services can increase the demand for the IP law firm.
Business Intelligence is a worthy weapon that Canadian Law firms can use for IP evaluation. The clever and strategic use of Business Intelligence can empower Canadian IP law firms in a big way. Contact Trademarks Canada for your business intelligence requirements.