Opinion Paper on Implement Intellectual Capital

The steps that could be applied by organizations

Five key steps will be looked at that organizations can follow if they want to implement intellectual capital successfully within their organizations (Marr).  

The first step is for an organization to identify its intellectual capital (Marr). When this has been done, the value of it will need to be taken into consideration (Marr). Not all intellectual capital adds value to the organization (Marr). For intellectual capital to be valuable it must help the organization to achieve its objectives (Marr). Step two looks at the relevance of intellectual capital by simple mapping it to strategy (Marr). Step three looks at measuring the performance of intellectual capital (Marr). The fourth step deals with being able to make organizational decision (Marr). The last step deals with communicating the value of intellectual capital to the stakeholders of the organization (Marr). These steps will be discussed briefly:

Step one: identifying the organizational intellectual capital

When you do an inventory check, it will require that an organization identify its intellectual capital (Marr). A template that has the different categories of intellectual capital can be used to inform people or employees about the different types of intangible assets that their organization has (Marr). When you want to identify intellectual capital within an organization it is advised that conducting interviews, doing workshops, or emailing the survey to different employees within the organization is useful (Marr).   The best medium that can be used is face to face interview; here people are allowed to express themselves freely (Marr). The importance of the template will need to be highlighted (Marr). The responses from the employees can be analyzed and documented into one list of the resources that are available (Marr).

Step two:  mapping intellectual capital

The organizational strategy may be presented by using the value creation map (Marr). When you map the value drivers with the visual map the organization will benefit the following:

• It will ensure that the strategy and intellectual capital value driver are all integrated and are also coherent (Marr)
• Easy communication of strategy; the importance and the role of intellectual capital when it comes to delivering the strategy (Marr)

This mapping will put together the three most important elements of an organization which are

• Value proposition
• The core activities
• Strategic elements being enabled

The elements that have been mentioned will be placed in a relationship so that they can be displayed as a single piece of paper (Marr). This combination of the elements creates a full integrated and coherent display of the strategy (Marr). The value creation map can be used to represent the organizational strategy at a point in time (Marr).