As the sphere of IT continues to infiltrate other areas of society, IT managers encounter new challenges balancing the line between restrictions and open access to knowledge and data. Many companies use the same or similar technology for their internal and external operations, and they no longer rely on one or two patents to keep up with the competition. Therefore, the first current issue is the need to manage and enlarge an intellectual property (IP) portfolio. Without foresight, managers are at risk of sabotaging the success of their firm in the future (Reynolds, 2018). An IP portfolio can help a business protect its future investments and ideas and show which projects no longer bring any revenue.
The second potential issue is the growing competition and duplication of technology. IP managers have to stay ahead of the competition, but excessive legal battles can damage the brand. Holgersson and Aaboen (2019) describe the view that all valuable ideas should be patented as outdated and simplistic – a manager should understand which inventions are necessary to patent and which can be kept open to support the company’s image. Here, a manager can prepare by continuously monitoring the market as well as customers’ views on technology and the brand.
Finally, businesses currently use large amounts of data in their daily activities. For example, it is a standard for many companies to use customer records to examine purchase habits or build a client profile. Most countries are passing new legislation that creates new restrictions for this information and the technology that uses it. Therefore, IT managers should be careful when examining patents that deal with data and trade secrets (Holgersson & Aaboen, 2019). One should keep up with the latest legislation and trends in IP law in countries where the business resides, operates, or has customers.
References
Holgersson, M., & Aaboen, L. (2019). A literature review of intellectual property management in technology transfer offices: From appropriation to utilization. Technology in Society, 59, 101132. Web.
Reynolds, G. W. (2018). Ethics in information technology. (6th ed). Cengage Learning.