In the modern environment a company or an organization appears to produce not merely goods, but more importantly – knowledge, meaning that employees are engaged in the production of knowledge, organizations feature self-learning, innovations become the source of newly created value. Intellectual capital brings stable competitive advantage to a greater extent in comparison with tangible physical assets and financial capital.
Intellectual capital – knowledge, skills and production experience of certain people (human assets) and intangible assets including patents, databases, software, trademarks etc. that are being effectively used with the aim to maximize profit and other economic and technical results. The sum of all employees’ knowledge and/or tools for total knowledge increase, i.e. everything that ensures competitive strength of the company.
Professional management of the intellectual capital implies actions towards its protection, yield increase and monitoring of its condition.