Intellectual Asset Management (IAM) is a structured and disciplined approach for turning ideas, information and knowledge into commercial assets and revenues.
The new economy is driven by what you know and the way you use your knowledge. Intangible assets, or intellectual capital, may account for up to 90% of a company’s value. Chances are it’s the innovation in your business that’s driving your growth and your sustainable competitive advantage.
Your organisation’s future depends on creating, capturing, and managing its intellectual capital – that is, its human capital and intellectual assets - to generate value.
So, what are intellectual capital, intellectual assets and human capital?
Basically, intellectual capital includes two elements; intellectual assets and human capital. Intellectual assets are the things that you have identified and recorded. Top of the list are the traditional intellectual property rights such as patents, trademarks and designs. Unregistered rights like copyright, trade secrets and contractual arrangements with your clients, suppliers and staff, as well as things such as databases, customer lists and the equity in your brand are also highly valuable intellectual assets.
But it’s the human capital which often lies idle and untapped. Human capital does not belong to your organisation and it leaves when your people do unless you capture and codify it in a way that is useful to your business. Only then does it become an intellectual asset.
Human capital exists in the things your people know and do that help define your business and place you above your competitors.
Experience, knowledge and know how, skills, creativity, ideas and innovation or memory.
Think for a moment where your business would be without these things.