Innovation has always been at the heart of change, and over the last decade innovations in technology have completely changed the way we live and work, and even think. Advancements in technologies such as Artificial Intelligence, Big Data, Machine Learning applications, and computing hardware improvements have brought in large-scale disruption to almost all industry verticals.
In today’s competitive landscape a business that protects its unique innovations has the edge. Economies of nations rely on the innovative solutions developed by researchers – individuals and businesses alike – and lawmakers have recognized and acknowledged the increasing need for IP (Intellectual Property) rights to protect these innovations and ideas. Hence, IP rights have become a subject of growing global importance and discussion. Having a solid IP strategy will not just provide motivation and secure business innovations but will also be a means to monetize them.
Researchers put in a lot of time, effort, and monetary investments to develop new solutions and IP protection tools like patents act as rewards for them. Patents encourage businesses to develop more innovations while assuring them that their rights are protected and additionally enables them to recover their research and development costs. Since innovations are profit-oriented, the knowledge that protections and safeguards are in place to protect solutions lends itself to increased investments and therefore further innovations.
Globally, IP applications are growing at a remarkable pace. Around 182,218 patents were granted in FY 2000 in US alone, which increased by 100 percent to 399,055 in FY 2020. The reason is obvious – IPs help innovators to develop pathbreaking solutions to address global challenges and contribute to the growth of businesses. These solutions also provide a sustainable competitive advantage to the business entity if utilized effectively. In today’s competitive environment it provides the coveted edge to a business and allows it to stay ahead of the curve.
Business services providers are entrusted with building solutions for their clients that generate value in the shortest possible time. Technology has taken a lead in driving innovation building solutions that have effectively disrupted every aspect of life, across most industries. New-age technologies such as AI, ML, etc., have further boosted the demand for new forms of intelligent solutions.
At Wipro, several transformation initiatives usebusiness- focused and contextual AI and ML capabilities. Innovative Intelligent Document Processing (IDP) is a great example of emerging technology in use to further overall business goals. It allows for the real time extraction of intelligence from unstructured data and complex documents by processing, comparing and validating different documents using AI algorithms such as image processing and Natural Language Processing.
This process enables enterprises to unlock revenue potential, identify risk and address regulatory and compliance needs. Solutions such as this will always need more investment and rights protections to develop into holistic offerings that deliver benefits at scale.
According to a McKinsey report, companies that fully absorb AI technology could double their cash flow over the next decade, while those that do not could potentially see a 20% decline. The report also says that AIis expected to increase economic output by $13 trillion over the next decade.
With the pandemic still raging, businesses have been increasingly adopting emerging technologies and digitizing various functions. With so many new innovations, there is an urgent and growing need to create solutions and embrace IP rights.
The year 2020 witnessed a surge in companies that increased their demand for IP rights. Apart from protection, IP rights also act as an assurance for the authenticity of any solution.
Effective IP management strategies can provide the needed encouragement for the global economy to invest in higher innovations, which will lead to socio-cultural well-being alongside faster and more sustainable economic development.
The author is VP & Global Head – AI Solutions, Wipro
DISCLAIMER: The views expressed are solely of the author and ETCIO.com does not necessarily subscribe to it. ETCIO.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
Read More:Encouraging innovation by building the right IP strategy – ET CIO