Presently technology is moving forward at high speed. It allows speeding up in the rate of change along with the development until it reaches it’s potential. Artificial Intelligence (AI) has been a with promise and fascinating concept of science fiction for decades. Artificial Intelligence mostly refers to systems worked to reflect on human insights of performing tasks and knowledge.
It can perform these tasks more decisively and quickly than humans. It has been around since 1956, and till now comprehensively used. People use AI services somehow every day, checking streaming services, navigation applications, and keen home gadgets, etc. In extension, AI is utilized to predict maintenance, evaluate business chance and enhance energy efficiency, among numerous other money-saving tasks. Forward thinkers consider Artificial Intelligence technology as a solution.
AI Technology can manipulate huge volumes of data efficiently, identifying patterns and quickly analyzing the optimal solutions. However, it is set to come off in the era of big data and real-time decisions- where AI can provide solutions to the old issues and challenges.
As a young start-up or an established business it becomes necessary to understand that the right vendors with right technologies and people can help you to minimize the risk associated in the process of registrations like Private Company Registration. Same goes to the process of registering your brand
Let’s see How AI will affect the Brand registration process.
Brand name registration means nothing but Trademark registration of the brand name. In India, a combination of these things or the following can be used for a trademark. A phrase, Logo, Graphics, Letter, Sound Mark, Combination of colors or Numbers.
- The first step usually involves searching for a brand name– Artificial intelligence technology will help you to find a unique brand name for your business. Before selecting any name, you might need to do a quick search to make sure that no one else is using the name and your best bet would be to use invented or coined words, in combination with generic words.
- Making the trademark application – Now that your name has been finalized fill the trademark application form. This is a complex process involving various steps. In India, there are two ways to file a registration manual filing or e-filing. Artificial intelligence will help you to navigate your way smoothly through these steps.
- Reduce Risk and Improve efficiency – IP administrative tasks are one of the most time intensive and risky areas. Corporate IP departments and Law firms may deal with thousands of different products, may cover thousands of individual of IP data, across hundreds of jurisdictions. Historically this has been a slow and manual process.
Consider a company that has applied for the patent for protection in different states. A network of an agent, familiar with the specific processes required to gain stability in particular countries, which will help them achieve their company goals.
Along the way, a number of paperwork will be generated, each with their opportunities and challenges.
Input this information into an IP management system manually. This will result in many data processing errors. For many companies, IP is the most important assets. A simple error could risk losing an asset worth millions to the company.
It is worth noting that (WIPO) World Intellectual Property Organisation estimates around a quarter of patent information is wrong. The risks are therefore very evident. Just including Artificial Intelligence into the process will help to resolve human errors and therefore will be quiet beneficial for the whole process.
- Time consuming and at easy cost – Besides, considerable time and cost accrue from the manual labor involved in inputting data. This is an activity that, focus on strategic issues and automated. AI is highly adept at processing large sets of data accurately and quickly.
This also enables IP professionals and law firms to take a more strategic role within the organization, generating insights from the data will help to shape the future company performance. By ensuring that every single item of IP has a unique identifier and automating the submission of data , correspondence from the various patent offices and agent networks can be sorted merely and searchable. Then an AI can be deployed to identify relevant information in correspondence, resulting in faster and more accurate outcomes.
This is why AI is increasingly the go-to technology for organizations wanting to solve highly complex and data-heavy challenges.
The (IP) Intellectual Property industry is another market where it has profound effects.
Manual searches, lengthy decision-making processes and traditionally powered by paperwork, AI help to deliver increased insight from IP data and simplify day to day task.
AI not only automates the searching of a huge database but also store and use collected data to improve accuracy for the future searches. AI can also be used to provide insights into vertical and geographical market.
An extensive IP portfolio is bound to have both strengths and weakness. Indeed, one of the flaws may be the sheer scope of the collection. As a patent, portfolio increases, it becomes difficult to oversee and draw insight from the collection effectively. Thus, firms are not only limited in managing processes such as renewals, but also in using insight to gain a competitive advantage.
Many IP professionals are already analyzing the value of their patent portfolio. Which patents are most effective? Which deliver most licensing revenues? In which countries? What is the value of IP to business compared to the cost of renewal? By analyzing large sets of data, AI can indicate where a company’s IP portfolio is weakest and strongest.
This, in turn, shapes future investment decisions in development and research, help companies understand their relative strengths and weaknesses regarding their competitors and enable companies to understand more about the potential opportunities in new markets.
Conclusion
AI is delivering real value to the companies that need to solve complicated issues. Within IP management, AI can empower IP professionals. Day-to-day IP tasks can be time-consuming, but AI technology enables professionals the time to focus on more strategic decisions in their portfolio. For IP professionals, the real opportunity, however, comes from the insight that AI can provide into otherwise impenetrable and inaccessible volumes of data. AI will help IP professionals generate business insight that can open up new markets, accurately value an IP portfolio and deliver a better understanding of what and where the next generation of IP investment should come from.
www.afleo.com is a leading website which helps entrepreneurs save their time by providing legal compliances like GST Registrations, IEC Code, IEC Modification, Trademark Registration, etc. Through these services we help to deal you with legal red-taping and many other time- consuming processes.