The reuse of Intellectual Property

Intellectual property

Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...

 (IP

Intellectual property

Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...

) asset

Asset

In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...

s is a strategy that many, in particular IT

Information technology

Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...

, companies are pursuing ,.

The strategy for reusing non-IT related assets is called Asset recovery

Asset recovery

Asset Recovery, also called investment recovery or resource recovery, is the process of maximizing the value of unused or end of life assets through effective reuse or divestment. Both large and small organizations practice asset recovery at some level with the end goal of obtaining the greatest...

. However, the term recovery is not being applied to Intellectual Property

Intellectual property

Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...

 (IP

Intellectual property

Intellectual property is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized—and the corresponding fields of law...

) asset

Asset

In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...

s.,

Benefits

Amongst other benefits, the key advantages of reusing assets are:

1. Increase delivery efficiency
2. Innovate from a higher level
3. Use best practices
4. Reduce risk
5. Offer wider array of flexible solutions.

Requirements

In order to implement Asset Reuse within a major company, it takes at least:

• a system where to store and retrieve relevant assets
• a management system to handle the asset management
• a communication set-up to promote the reuse of piled up assets.

Implications

Till now a number of companies have tried to implement asset reuse. However, common implications are:

• the use of more than one asset repository
• the set-up, funding, and maintenance of the required asset management system including success tracking over a long time
• permanent cross-company communication of the asset management system strategy and its latest elements