What is IP rights procurement in SAP CRM-IM-IPM - Intellectual Property Management?

SAP Term: IP rights procurement

• Component: CRM-IM-IPM

• Component Name: Intellectual Property Management

• Description: The securing of legal permission to use another's work or invention, such as copyrights, trade secrets, patents, and other creations, as part of another product or service.

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• Key Concepts: 
  IP rights procurement is a component of SAP's Intellectual Property Management (IPM) module. It enables organizations to manage and track their intellectual property (IP) rights, such as patents, trademarks, copyrights, and trade secrets. It also provides tools to help organizations identify and protect their IP assets. 
  
  How to use it: 
  IP rights procurement can be used to manage the entire IP lifecycle, from initial registration to renewal and expiration. It allows users to track IP rights across multiple countries and regions, as well as monitor the status of applications and renewals. It also provides tools for managing IP portfolios, such as tracking IP assets and creating reports. 
  
  Tips & Tricks: 
  When using IP rights procurement, it is important to ensure that all relevant information is accurately entered into the system. This includes details such as the type of IP right, the date of registration, and any associated fees. Additionally, users should regularly review their IP portfolios to ensure that all rights are up-to-date and valid. 
  
  Related Information: 
  For more information on SAP's Intellectual Property Management module, please visit the official SAP website at https://www.sap.com/products/intellectual-property-management.html. Additionally, there are a number of online resources available that provide detailed information on IP rights procurement and other aspects of intellectual property management.