Intellectual Property Audits Uses and Advantages for Companies

A Peoria, Arizona resident, Chad Kluemper graduated from Gonzaga University and holds a master of arts in organizational leadership. Chad Kluemper currently serves as the owner and operator of the Interstate Batteries of North Carolina. Additionally, he served as the senior program manager of Honeywell Aerospace Integrated Supply Chain, where he was responsible for intellectual property (IP) audits.

Intellectual property audits are highly beneficial for firms as they can enable them to understand more about their intellectual property. Their goal is to help companies assess all the risks and possibilities their IP can provide. For example, with intellectual property audits, companies can identify which assets are not properly used or are not used at all. They can also help companies determine what intellectual property assets perform well and which do not.

In this way, companies can reduce some maintenance costs as they can let go of the assets that no longer provide benefits and capital and focus on those that do. They can also prevent companies from committing or suffering from intellectual property infringement as they can help companies identify the risks and potential threats regarding the IP.