Intellectual Property is everything that has to do with the human mind. In it are all that man has created throughout the history of mankind. Without the protection of these human works, more precisely of his intellect, there would not have been taken place the scientific and technological transformations that have been improving the quality of life of human beings.
By: Dra. Martha Landívar Gantier
Before going into the subject of Intellectual Property Audits, I would like to make a brief review of what Intellectual Property is.
Intellectual Property is everything that has to do with the human mind. In it are all that man has created throughout the history of mankind. Without the protection of these human works, more precisely of his intellect, there would not have been taken place the scientific and technological transformations that have been improving the quality of life of human beings.
Taking into consideration that it serves as an incentive for the human being to continue developing his mind and manifesting that development in all the inventions and great works that humanity has come to know. This legal discipline is divided for its study in Copyrights and Industrial Property.
Entering the business world, it is necessary to point out that now more than ever, intangible assets, among which are inescapably the goods protected by Intellectual Property such as copyrights, trademarks, patents, industrial designs, utility models, geographical indications, appellations of origin, geographical indications, etc. If they are well protected and managed, with which businesspeople and entrepreneurs can obtain financing to grow their businesses, as well as face claims or file lawsuits, to defend their rights over these assets.
Entrepreneurs must be aware that, by properly managing these intangible assets, they will become successful agents in society. But in order to manage them, they must first audit them, to be firmly convinced of the status and economic value they have achieved in their exploitation and positioning in the consumer market.
An Intellectual Property Audit has a visible and perceptible utility, taking into consideration that, thanks to its process, it is possible to identify the strengths and weaknesses of the entire portfolio of intangible assets that the company has, pointing out risks, and creating adequate strategies of a commercial and business nature, as well as positioning the company both in the physical and digital world.
Currently we see that marketing and advertising are taking place at a digital level through social networks, considering that the trade of goods is occurring precisely in the virtual world, due to the serious pandemic that we are facing globally. Thus, in the current reality, the Intellectual Property Audit consists of a review process of all the documentation concerning the intangible assets of a company or business, with the main purpose of identifying the undervalued elements, in order to minimize expenses, thus maximizing those that can increase the value of such assets, is more necessary than ever. This, considering that a great part of the trade and exchange of goods and services is taking place in the digital field, with the possibility of violations and infringement of the Intellectual Property Rights of any business.
In this identification process, it will be taken into analysis which elements have been adequately transferred and also the need to invest in others that can make the company's image grow and be better positioned.
The Audit we are talking about, benefits the company in the following points:
Provides accurate information on all the investment made to develop the business.
By accurately identifying the status of intangible assets, the value of the company increases.
It also ensures that the company is not violating or infringing third party rights that constitute infringements of Intellectual Property rights, both in the physical and virtual world.
Of course, by examining the value of its intangibles, the entrepreneur or business owner reduces expenses with reference to intangibles that are not contributing to higher profits.
In addition, this process provides the basic tools to improve intellectual property management, minimizing expenses and increasing the investment in elements that improve the company's position in the market.
A proper Intellectual Property Audit will identify if the company's intangible assets include trademarks, slogans, trade names, copyrights, utility models, patents, work manuals, databases, publications, know-how, domain names, images and sounds, third-party software, among others.
In these issues, the professional who performs the Intellectual Property Audit will clearly analyze its ownership, validity, use, if it is part of the technology, its influence on the market, marketing programs, among other important aspects.
Once the company or business has or the results of an administrative audit, it can perfectly carry out a Preventive Intellectual Property Management, based on a consultancy that designs a full commercialization strategy.
More than ever, now that we are living in a complex and competitive society and world, we need to carry out Intellectual Property Audits in companies, because if they want to survive they have to position themselves properly in the digital world. To do so, they have to be aware of the need for all their Intellectual Property to be well managed in order to obtain the greatest possible benefit that returns in revenue, as well as to be careful not to infringe third party rights so as not to face lawsuits or problems due to infringement or misappropriation of another company's IP.
To start an Industrial Property Audit, you should seek the advice of a specialist with whom, through the respective contracts, design or draw up a work plan and in which confidentiality is considered as an important point.
Entrepreneur, faced with the reality that we are living today, which is more virtual than real or physical, a reality that, despite being uncertain, ambiguous and volatile, is providing new opportunities, you cannot neglect, now more than ever, to have in mind and adequately protect your intangible assets that constitute your Intellectual Property. That is why it is necessary to audit it and to identify its value with certainty in order to be able to manage it properly and create the most convenient marketing strategies, as well as to protect it from copies, infringements and violations.
Thus, in these complex times, there are already cases of entrepreneurs and businesspeople in different world regions who, through good intellectual property management, have successfully implemented online platforms where they market products and services, satisfying the needs, tastes and requirements of today's demanding consumer public.
Entrepreneur, businessperson, now is the time to focus on a intangible and immaterial transformation process of your assets to take advantage of the opportunities that are being offered in this new global scenario, without neglecting to protect the Intellectual Property of your business.