get 'er done!*
Our focus in March is on value, and this week, we’ll discuss another important pillar in the equation – effectiveness.
For most organizations, this means evaluating how well a vendor’s service accomplishes the organization’s goals and protects its interests.
The Value Equation
Cost/Affordability
Effectiveness
Client Experience
Third-Party Impact
This is a fundamental pillar of the value equation because it’s where the “rubber meets the road’. A vendor can excel in all the other parts of the value equation, but if their service doesn’t accomplish their client’s goals, it will be viewed as less valuable than comparable offerings.
*Words of wisdom by Larry the Cable Guy
evaluating OUTSIDE COUNSEL effectiveness
Effectiveness can be challenging to measure because it can mean different things to different organizations. For some, generating a high volume of patents or trademarks is the way to achieve business goals; for others, fewer, higher-quality patents or trademarks are the path to success.
It’s outside the scope of this post to discuss the pros and cons of various IP group strategies, but one thing is clear – you need to have a plan before measuring effectiveness.
Once a strategy is in place, it’s essential to identify the metrics supporting it. Portfolio growth strategies are supported by metrics focused on speed and volume, quality strategies are viewed through the lens of defensibility or breadth of coverage, and cost-focused plans look to eliminate wasted spending.
After identifying your metrics, you can leverage your IP Management system, ELM system, ratings, and survey tools to design systems to capture vendor performance data. This data should be reviewed regularly and becomes an essential element in your Outside Counsel Management program. You have one of those, right?
For more on the Value Equation, check out the other blog posts in this series:
