What is intellectual capital?
Research shows:1. Majority of CEO's believe Intellectual Capital Reporting will increase.2. 75% of companies are already tracking 2 or more intangibles.3. Agreed that knowledge measurement improves organisational performance.4. The process of identifying and measuring intellectual capital is as important as the information received from the measures.
What is Intellectual Capital (IC)?
The IC field is awash with different terms, concepts and metaphors that can often be more confusing than enlightening (see, e.g. Marr, 2005). What is for instance the difference between intangible assets and IC? Do non-financial assets and immaterial assets mean the same?
A Common Definition:
'All factors critical to an organization’s future success that are not shown in the traditional balance sheet'.Traditionally, most methods used to analyze an organization are primarily based on financial figures. The problem with traditional accounting is that it deals with information in the past. Now, the information era is replacing the industrial era. Evidence of this is that an increasing share of company assets cannot be found in the balance sheet, for example patents, customer base, brand, etc. (Andriessen, 2004). Knowledge is the main source of competitive advantage; the management of a company is becoming more about managing people than it is about managing physical and monetary assets. Today’s company's show only a limited amount of their assets on their balance sheet relative to the value they produce and they often apply different strategies than more traditional companies. Identifying and managing intellectual capital usually focuses on three main areas, Human Capital, Structural Capital and Relational Capital. Measureing intangibles will help your company leverage its processes and manage competitive advantage in new and more informed strategies adding value to its external relationships.
Source: iClargo Business Consultants
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