Role of Artificial Intelligence in Intellectual Property
Added: (Mon May 29 2023)
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For decades AI has been a technology that can manipulate large volumes of data efficiently and quickly. It can also help identify the patterns and speedily analyse the ideal solution, which can be applied to several day-to-day scenarios. Moreover, it has been set to come of age in the era of big data and real-time decisions, where AI can offer solutions to old challenges and issues.
Let’s take, for instance, traffic management. London’s initial traffic management system was a manually operated gas-lit traffic signal that exploded two months after its introduction. Since the inauspicious start, a complicated network of road closures, traffic lights, traffic management, and pedestrian crossings have served to drive the complexity of traveling in the city. Now traffic goes more slowly than ever, so several new systems are added to manage the system better.
AI can change it. It can instantly gather information on the traffic volumes, current blockages, and historical trends to provide the ideal solution for the traffic in London. It can do this in real-time, continually managing and tweaking flow to deliver the best outcome. AI is the increasingly best technology for organizations wanting to solve the more complicated and burdensome data challenges.
Digital retailers are mainly utilizing AI to forecast electricity demand. Most mobile networks use AI to manage the increasing demand for information. We are standing on the threshold of the new age of AI technology.
The IP industry is another market where AI has a profound effect. Conventionally, it is powered by manual searches, paper, and lengthy decision-making processes. AI can simplify day-to-day tasks to deliver enhanced insights from the IP data.
Reducing Risk and Enhancing Efficiency
The administrative tasks of the IP are highly intensive and risky areas of the IP. The law firms and corporate IP departments might anytime cover the thousands of individual items of IP data across several jurisdictions, dealing with several products. Historically, it has been a slow procedure and significantly manual.
Hundreds of items of paperwork might be generated in a different language, each with its opportunities and challenges.
Each data currently would be checked manually and input in any IP management system. Naturally enough, this could result in errors in data processing. Now consider this across several patents. Opportunities for mistakes are boundless. Well, IP remains the most treasured asset for several organizations. A simple mistake in imputing the renewal data can risk losing an asset worth millions. Well, it is worth noticing that the WIPO (World Intellectual Property Organization) estimates around a quarter of patent information is wrong. Thus, the risks are better evident.
Additionally, the considerable time and cost from the manual labor indulge in imputing the data. This activity can be automated, allowing law firms and IP experts to be dedicated to more strategic issues. AI Technology is proficient in processing large sets of data instantly and accurately. Also, it enables IP experts and law firms to take up more strategic roles in the company, getting insights from the data to shape future company performance while leaving many ordinary aspects of IP management to the systems.
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