Intellectual Property Management (IPM) is a critical practice area for corporations and law firms. Based on our work with both corporate law departments and law firms we have identified a number of critical success factors that organizations should consider in selecting their IPM solutions. In this TrendView report, we discuss our guiding principles for successfully designing, implementing and managing IPM system selections. We advise clients to carefully consider these principles as they define, evaluate and implement their IPM solutions.
In June, a group of top intellectual asset management vendors and legal operations professionals from major US law firms and corporations gathered in Chicago to talk about the challenges in choosing the right software and service providers to more powerfully manage their assets. The inaugural Hyperion Insights Solutions Accelerator Conference presented an unparalleled opportunity for participants to develop a broader understanding of one another's needs, and learned how proper project planning and relationship building can often mean the difference between success and failure.
Specifically, the report addresses how to:
- Understand the needs of your organization and how to assess the market for IPM software and service solutions;
- Develop a formal, structured selection process that examines a vendor's pricing and licensing models, its history of development and product enhancement, its support infrastructure and its overall financial condition;
- Vet references to gather learned perspectives on the end-user experience and to assess a vendor's responsiveness;
- Conceive a project plan that engages all internal stakeholders and ensures you every implementation step proceeds smoothly.
- Best to engage the vendor during the project lifecycle to help make that vendor a trusted partner invested in your success;
- Solicit and develop ways to measure the value derived and the return on investment from the deployment of your IPM system.
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