IP Audits: Why Your Business Needs One
Are you confident your intellectual property is fully protected, even after securing IP rights? That’s where an Intellectual Property Audit comes in. Whether your IP is owned by you or your business, conducting an IP audit is essential. In this blog, we’ll explore what an IP audit entails and how it can safeguard your business objectives.
Types of IP Audits
General Purpose
Event-driven
Limited Purpose
1 General Purpose
General Purpose IP Audits are conducted to verify whether intellectual property has been registered and properly maintained to assess the current status of any Registered IP Assets. These audits help identify instances where others may be replicating your intellectual property, allowing you to take action to safeguard your business against market risks. By conducting such audits, you can ensure your IP assets are properly protected and secure.
2 Event-driven
An event-driven audit is conducted when a business undergoes a significant event or financial transaction. If a company seeks to expand by forming partnerships or making business deals, this type of audit helps safeguard its investment, ensuring that intellectual property and other assets are protected throughout the process.
3 Limited Purpose
This audit is conducted for the targeted review of specific IP assets. When a business holds multiple IP assets but wants to assess the status of a particular one, this process is used. It helps save both time and money by focusing only on the selected asset.
Benefits Of IP Audits Business
If your business holds IP assets, it’s essential to conduct regular general-purpose IP audits. Before adding any new IP asset, an audit should be performed to ensure its uniqueness. Regular audits help protect your IP assets from market risks and make it easier to monitor your brand’s production and sales.
Conclusion
By now, you should have a clearer understanding of the benefits of conducting an IP audit for your business. Neglecting this process could put your business at risk. If you’re looking for an Intellectual Property service provider, IP Consulting Group is the ideal choice. Our team of qualified IP professionals will help safeguard your business through intellectual property. Take advantage of our 30-minute free consultation to address any questions or concerns you may have.
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