Intellectual Property Audit Research Assignment Paper (Essay Sample)

Intellectual Property Audit
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Intellectual Property Audit
According to Bader, Gassmann & Ziegler, (2014) intellectual property (IP) encompasses numerous aspects such as patents for the central features, which are designed to make commodities more desirable or even improve the efficiency of the manufacturing scheme as well as the business methods. On the other hand, an IP audit is structured to acquire and analyze data in the bid to make informed decisions and considerations. Besides, the review also serves the purpose of identifying the potential hazards that could lead to extra expenditures. Notably, this article is a presentation of the steps that a manager can undertake in preparation for property audit.
Strikingly, it is essential to understand the protections that govern the intellectual property, and they include trade secrets, patents, and copyrights as well as trademarks. Notably, there exist universal laws designed to protect such property and are inherent to any particular organization.
Furthermore, it would also be advisable to determine the specific goals of the audit. As such, the manager should define the parameters of the review through the cataloging and identification of all the intangible assets (Parr & Smith, 2017). The administrator can further decide to focus on the corporate review decrees and even strengthen them. Furthermore, it is advisable for the personnel to identify the standard goals of the audit, which include uncovering the poorly utilized assets, tracking of the potential threats to the organization and activating the growth of informed tactics to maintain the market position of the venture in question.
On the other hand, it is essential to identify the stakeholders and consequently align with their interests. Such audits are platforms for forming beneficiary connections with the various departments while at the same time enlightening the staff on the essence of protecting the organization's intellectual property and not defying the license terms. Furthermore, the manager can also consider including all the potential sources of research and development, human resource and third parties among others while executing the audit through discovery (Bader, Gassmann & Ziegler, 2014).
Consequently, a good administrator should choose a suitable program and develop a centralized catalog. If there is a shortage of resources, the personnel can deploy software or programs such as Microsoft access and excel in developing a centralized catalog to list all the intangible assets that act as reminders to recap the stakeholders of the provided deadlines. The manager then re-evaluates the value of the intellectual property in the bid to budget on the avoidance of the brand’s loss.
The manager further reviews the contract administration scheme. Those who desire to execute a successful audit should develop policies that advance the future reports by introducing a systematic procedure that easily ...