INTELLECTUAL CAPITAL MANAGEMENT: Expanding Horizons in KNOWLEDGE BASED economy
Abstract
With the rapid transition of Economy towards knowledge, organizations worldwide have shifted focus towards the intangible assets of the organization. As evidenced from the literature review, the new drivers of the economy seem to be the human resource-people and their knowledge. Indian corporate sector, now, is in search of a new paradigm in accounting, which would enable it to record its new journey from financial capital to intellectual capital. Since knowledge assets are at the crux of sustainable competitive advantage, this study attempts to provide an insight into the meaning and significance of intellectual capital and to evaluate the prevailing practices of management of intellectual capital by global companies, with a special reference to the initiatives taken by Indian organizations in this regard. The objective of this study is to highlight aspects such as Human Capital, Structural Capital and Customer Capital as important variables of Intellectual Capital Management Programme, its influence on business performance and the various functional models established by companies for Intellectual Capital Management.
Authors
Ms Simran Kaur