1. Valuation: Understanding the value of IP assets can help in attracting investors and securing funding. 2. Risk Management: Identifying potential IP risks, such as expired patents or unprotected trademarks, helps mitigate legal issues. 3. Strategic Planning: Aligning IP with business strategy ensures that IP assets support overall business goals. 4. Competitive Advantage: Protecting IP can provide a competitive edge in the market. 5. Compliance: Ensuring all IP-related legal requirements are met to avoid litigation.