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There is no doubt that we have entered a "new economy" - and we are not talking about globalization, new technology or the increasing pace of business any more. These factors are old hat by now.

This "new economy" is one where people and their assets have come to the fore and where knowledge is more than power; it is the difference between success and failure.

As companies struggle to come to terms with the recent events that have sent the economy spiraling (from 9/11 to the accounting scandals that have rocked corporate America), it is widely acknowledged that competitive advantage can no longer be found in the next big merger or on the traditional balance sheet. Instead, people talk of leveraging customer relationships, developing existing skill-sets and most importantly of all, harnessing knowledge. In other words, managing your intellectual capital (IC) effectively has never been more important.

"The person who figures out how to harness the collective genius of his or her organization is going to blow the competition away"

- Walter Wriston, former CEO of Citicorp

And these days, effective IC management means making all your assets (tangible and intangible) as transparent as possible. There was a time when it was enough to lump all of your intellectual assets such as brands and trademarks under the term "goodwill" when working out your organizational value. This fuzzy accounting took a step forwards in the 1990s when it was ruled that companies were legally entitled to include brand valuation on the balance sheet during a merger (although the question of homegrown brands was never resolved).

However, in recent years IC has taken a step away from the financial side of the business to embrace the more human-related assets in this newer economy. Today IC is about more than just brands, patents, trademarks and licenses - it includes customer relationships, employees and market intelligence.

But how can you manage such elusive parts of the business? The answer lies not just in measurement and reporting of IC but in driving this concept to the heart of your organizational strategy. Although it may have become something of a management cliché, the fact remains that in today's knowledge economy, people, not share prices, are your most important asset.

Articles:

Intellectual capital-in-action and value creation: A case study of knowledge transformations in an innovation project
Through the use of a case study, this paper investigates the inter-relationships between different components of intellectual capital (IC) and value creation.

Originally published in the Journal of Intellectual Capital Volume 6 Number 3, 2005

Intellectual capital performance of commercial banks in Malaysia
The findings of this article allow banks to benchmark themselves based on the level of efficiency rankings, to establish priorities and develop strategic plans, which will in turn enhance their future performance. The findings also could help stakeholders and investors assess the value creating potential of banks.

Originally published in the Journal of Intellectual Capital Volume 6 Number 3, 2005

Measuring and benchmarking intellectual capital
The importance of intellectual capital (IC), as a prime value driver in today's knowledge-based economy, is undisputed. Benchmarking is seen as a tool for identifying, understanding, and adopting best practices in order to increase operational performance. This paper explores techniques of benchmarking the operational management of IC.

Originally published in Benchmarking: An International Journal Volume 11 Number 6, 2004

Comparative justification on intellectual capital
With the development of computerization and networking capabilities, there is a significantly enhanced opportunity for sharing information and knowledge world-wide. For an organization to survive in these turbulent times, there is a great need for its continuous renewal through the introduction of new, innovative products and processes that are based on new knowledge.

Originally published in the Journal of Intellectual Capital Volume 5 Number 4, 2004

Intellectual capital – defining key performance indicators for organizational knowledge assets
Measuring intellectual capital is on the agenda of most 21st century organisations. This paper takes a knowledge-based view of the firm and discusses the importance of measuring organizational knowledge assets.

Originally published in Business Process Management Journal Volume 10 Number 5, 2004

Intellectual capital and new public management: Reintroducing enterprise
Read a report on public sector organisations'/institutions' work to develop knowledge management and intellectual capital statements, building on experiences collected during 2001-2002 where 26 public sector institutions in Denmark sought to develop intellectual capital statements.

Originally published in The Learning Organization Volume 11 Number 4/5, 2004

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