We are living in an Intellectual Property (IP) driven economy. The Intellec- tual Property has become a major indicator of economic growth of a business enterprise at a micro level and of a country at a macro level. The economic competitiveness and growth of a country is indicated by the value of the Intellectual Property assets the country owns. Intellectual Property is the single most enduring intangible asset of a business organiza- tion that appreciates the value year after the year, if cared properly. In other words, if we cannot measure the growth, we cannot manage the growth. This is the single most compelling reason for any business entity to conduct periodical IP audits. Only through the process of periodic IP Audits, the organizations will get to know their strengths and weaknesses. IP audits can identify, preserve, and enhance the value of IP for any orga- nization. IP Audit enhances the way the business is done by the organization, be it a manufacturing, supply, distribution or customer service etc. The author through this ar- ticle explains the need for the intellectual Property Audit for a business organization as one of the breakthroughs in commerce education and practice.
Volume 12 | Issue 6
Pages: 145-151
DOI: 10.5373/JARDCS/V12I6/S20201015