With organisations of all sizes increasing the amount of data they collect and store, managing this increase in data can become a burden. Technology Transfer Offices (TTOs) in particular, can face a large data management burden due to:
- Receiving vast amounts of information, that needs to be stored, processed and managed - For many TTOs creating, establishing and maintaining licensing agreements, Material Transfer Agreements and product documentation, involves a lot of data. Storing, maintaining and updating this data is a tricky, time consuming process, especially when you are trying to complete this task around your full-time role.
- Needing regular access to data that is constantly changing - Contact details are always changing, due to changes in customer organisations, contract renewals etc., so to ensure you invoice and receive revenue efficiently, and to easily promote new products to your customers, having access to the latest up-to-date data is vital.
- Managing revenue streams from different sources/ suppliers – Reagents are often commercialised through different suppliers or revenue sources. This means that TTOs have a lot of legal and financial data to manage and maintain to ensure that revenue from licensing and other sources is received. Keeping on top of multiple different license renewals and invoicing dates can therefore be a lengthy, time consuming process.
- Commercialising reagents with unknown scientific/ commercial value – Commercialising reagents takes a lot of time, effort and paperwork. With some reagents whose scientific or commercial value is unknown, spending this amount of time and effort for uncertain returns may lead to reagents being deprioritised within the commercialisation process.
- Needing to Identify the latest reagent trends – Without good quality data or the resources/ time to analyse data, identifying what products customers are going to buy and what the next big research area is going to be, is difficult. Not being able to identify these sales opportunities, or how the market/ industry is changing can put you at a competitive disadvantage.
- Needing to find and identify product information – All reagents should be validated and have relevant product information detailed before they can be commercialised. It takes a lot of your time and resources to search for this information online or within research papers etc.
- Receiving data in a vast variety of formats – TTOs receive information in a variety of formats, from word/PDF documents for licensing agreements to financial data for sales/ product reports and other electronic data such as emails. In addition, a lot of this data is stored in different places e.g. online on your email provider, in financial systems or on a CRM system, which also makes it difficult for you to access your data in the time scales required.
All these challenges can lead to a drain on your time and resources available. Partnering with Ximbio can reduce this data management burden, as they provide you with:
- Management and maintenance of your reagent licenses including Material Transfer Agreements, repository licenses, supplier licenses and contracts
- A single catalogue list of all your commercial reagents through Ximbio’s reagent portfolio
- Simplified reagent commercialisation as Ximbio manages all the supplier relationships and ensures product information relevant to your reagents is up-to-date with recent publications
- Access to a large team of experts dedicated to the reagent industry, who can identify the latest industry and reagent trends
- Management of revenue generated from reagents, by tracking sales, royalties, licenses, payments to inventors and revenue sharing agreements
- New reagents from your institute’s laboratories, which are identified by mining published research data
- Citations about your reagents, through Ximbio’s bespoke literature search tools
- Reduced reagent administration burden allowing you to spend more time on other commercialisation activities.