Another important benefit provided by IP asset management software is enhanced security. Assets stored inside filing cabinets or on desktop computers can easily walk out the door. By placing assets on a secure server, enterprises can ensure that confidential information remains protected. "It certainly helps me sleep at night," says Mander.

Targeted Markets

Given the specialized needs of their customers, most IP asset management software vendors focus on either specific tasks or vertical markets. Artesia, for example, offers versions of its Teams software tailored to enterprises including publishers, advertisers, broadcasters and government agencies. Applied Information Management, on the other hand, focuses its Harpoon software on TV and film distribution companies. The organization offers separate applications for accounting, program acquisition, advertising sales, pay TV and pay-per-view contracts, home video distribution, residuals payment processing and distribution licensing.

Several vendors approach the IP asset management market by zeroing-in on one or more facets of IP asset management that appeal to a wide range of enterprises. IPDOX software, for example, allows corporate and external attorneys, R&D managers, government clerks and other interested parties to view and exchange relevant information regarding the status of various IP assets. PLX Systems, meanwhile, offers several different software modules that are designed to handle an array of tasks. The company offers PLXware, a suite designed to provide portfolio management, valuation analytics, accounting, audit control, decision support and reporting tools for IP assets owned by various types of enterprises.

Regardless of the type of software used, involving users in the planning of an IP asset management system is vital to the project’s ultimate success. "The best thing we ever did was to recognize that it couldn’t be an IT-driven project," says Mander. Simon & Schuster, with the help of consultancy Accenture, interviewed scores of its employees, ranging from top management to end users, to arrive at a comprehensive vision of what the system should include and how it should operate. "To make real use of these products, you’ve got to have the users embracing it," says Mander.

Gartner’s Logan feels that a successful IP asset management implementation requires a partnership between IT and the enterprise divisions that will use the software. With a patent management application, for example, close cooperation between a company’s IT and legal units is critical. "You can’t actually see the benefits if you’re an IT department unless the lawyers are able to tell you what they are, and the legal department wouldn’t necessarily be able to understand how the technology could help them unless it was explained by IT," says Logan.