Intellectual asset management in organization
The success of modern organizations increasingly depend less on the distribution of material goods and financial resources and more on tactical distribution of knowledge and intellectual asset. In the last few years terms like new economy, knowledge economy, intellectual capital became very popular. They describe the role of knowledge and the new type of management in organizational psychology. Why is that? Managers note that knowledge management creates a competitive advantage between organizations, which helps maintain faster and better decision making.
Intellectual assets consist three categories of capital. The first one is human capital which includes knowledge, skills, motivation and experience of all people in the organization and it is not owned by the organization. The organization can increase its capacity by different methods for training employees. The second category is called structural capital. This is the infrastructure that supports the human capital. The structural capital consists copyrights, patents, technologies, organizational culture, organizational strategy and communication processes. The structural capital is the center for reproduction of human capital. The third category is customers capital which represents the unity between organization and customers. The combination of the three types of categories of intellectual assets are critical to organizational success. For example when the organization invests in training of its employees this leads to improved quality of the new goods and services, which reflects as higher level of customer satisfaction. The measurement of intellectual capital require identification of the steps for effective management of intellectual assets The first step that leader must conduct is an initial audit of the intellectual asset. This includes a survey among the employees in the organization in two aspects: objective indicators and subjective evaluation. Objective indicators: are keeping of key employees or percentage of employees in key positions in the organization, kept last year, the ability of the organization to attract highly qualified employees or vacancy rate, computer literacy or percentage of employees who possess skills in Information Technologies, satisfaction rate of the employees or employees who have a high degree of job satisfaction, initiative of the employees or this is the number of ideas for increasing productivity driven by employees for the previous year. The above listed parameters of intellectual assets should be considered as important measurers by which the organization, could be manged. The set of indicators aimed at measuring and managing intellectual assets depend on the industry in which the organization operates. Therefore, each organization should develop indicators to meet the specifics of its activities. Through the management of intellectual asset the leader gets the opportunity to fully realize the potential of the organization