IP management in times of crisis: how to maximise impact while minimising cost
The COVID-19 crisis has had huge implications for IP management, prompting companies to cut costs, secure their assets and drive efficiencies.
It also poses questions around how to maintain effectiveness for brands and IP management, as a WIPR webinar discovered yesterday, July 9, during a discussion with Volker Spitz, CEO of Brandstock, and David Llewellyn, head of trademarks at technology company Arm.
Speaking to WIPR group editor Tom Phillips, Spitz explained the onset of the global pandemic had immediately affected clients’ attitudes toward costs. “A few days after corona hit, lots of clients asked to pay in instalments, and also large projects were delayed. It is all about saving liquidity at the movement; everyone is worried about running out of cash.”
Llewellyn agreed the gloomy economic outlook would likely lead to questions around how to curb costs and create efficiencies. “That is probably in the pipeline; I am certainly preparing myself for pressure on how to reduce costs and to be more creative. The biggest impact for us has been on our priorities.
"We really need to talk to the business, realign, so we are all focusing on the right thing. There is a drive towards new innovative tools, and we are getting more creative about increasing efficiencies,” he said.
Both, however, agreed that while COVID-19 posed seismic challenges, it has also introduced new possibilities and business opportunities.
These possibilities include an accelerated move toward digitalisation and the use of platform technology instead of email communication within the IP industry, explained Spitz.
“This is a big opportunity to move forward with blockchain or something similar and get rid of all of this stupid documentation, so digitalisation will make a big leap forward,” he said.
Spitz also believed the talent available to businesses would significantly expand. “Now it doesn’t matter where people are located. Before it was a problem. This means that industries will be able to choose from a vast pool of talent and will be able to source people from hundreds of different countries, and let them work in different areas,” he said.
Llewellyn envisaged that many companies would cut costs by downsizing office space, and focus on virtual communication.
“Maybe real estate might take a big hit from this; but there are a lot of opportunities. Having more facetime virtually is fantastic. There will be more communication, even if it is not in person,” he said.
Spitz agreed there would be a marked reduction in the use of office space, potentially creating more challenges, but also a greater work-life balance for many.
“Investing millions in office buildings is gone and I think that is a good thing. I think office space as we know it will disappear. People don't need it or appreciate it anymore. I think how people live in the future will be different, and the whole social environment will change. It is the best thing to emerge from corona.”
He added this scenario will create challenges as well as opportunities for families and that people could not simply “escape to offices any more”. He argued that we will all have to get used to working alongside family, and find a way to combine family life with a work environment.
Llewellyn believed the forecast changes would also have a positive effect on many companies’ drive towards sustainability. “This all aligns wonderfully with improving the environment, when you think about the fall in CO2 emissions from less traffic. All of these things contribute to better well-being, a better work-life balance and environment,” he said.
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