Watch Our CEO and Co-founder Jens Bördin participating in a panel discussion at CIP Forum (2016) under the topic of IoT and IP Management: Developing IP Positions for Competitive Advantage in a Convergent World. The panel members discuss the strategic importance of using IP as a business tool to succeed in a converging business environment. Below are some highlights from the discussion.
- The converging landscape will require executives to understand that not all transitions will be radical. Companies should continuously identify key assets powering the IoT stack and ensure these are protected and monitored. Organizations need to ensure that IP aligns with the business at the individual product/market level. For each product market, there should be a distinct product strategy. IP managers must treat every product and market differently as many factors such as industry, product maturity, competitive landscape, geography, level of innovation will dictate the ideal IP strategy.
- Collaboration between IP and procurement must increase to ensure access and IP rights to key technologies and to use IP to offset cost for future products. The center of the process/platform will for most companies be dictated by others. Hence companies, most likely, will not have any influence to dictate the area that they are operating in. To remain competitive access to data and analytics will be required.
- Traditional linear product producers, with a culture and technology legacy, must challenge the status quo and betting on new technologies. Organizational restructuring will be required while at the same time new stakeholders and new inputs are needed to identify customers' changing purchasing drivers. IoT is leading to diminishing margin of contribution/value. Connected products' decision drivers are changing more rapidly than for traditional products. By utilizing the data generated by IoT devices, participating in digital ecosystems, and altering the value proposition exponentially value growth can be achieved. Thus, transforming from solely hardware-driven business to data-driven business is key to move forward.