Meaning of intellectual capital
Intellectual Capital
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Meaning and definition of intellectual capital :
Intellectual Capital: A hot topic of the day. According to Patricia Seemann, David De Long, Susan Stucky and Edward Guthrie[17], Intellectual Capital (IC) has three elements - Human Capital, Structural Capital and Social Capital. Human Capital refers to the knowledge, skills and experiences possessed by individual employees. Without human capital, no company can compete effectively in the market place. Structural capital refers to the explicit, rule based knowledge embedded in the company’s work processes, systems, policies, training documentation or best practices repository. Structural capital also includes patents and copyrights. Social capital refers to the ability of groups of employees to collaborate and work together. Effective networks of relationships constitute an extremely valuable, intangible asset that is often overlooked. Seemann, De long, Stucky and Guthrie have explained the relationship between intellectual capital and knowledge management (KM). KM is all about ensuring that intellectual capital is constantly enhanced, shared, sold or used to generate value. KM can be viewed as the deliberate design of processes, tools and structures to increase and improve the use of knowledge contained in the three kinds of IC. Many companies make the mistake of equating KM with structural capital, i.e. implementing shared databases or document repositories. Effective KM is all about managing, human, structural and social capital in an integrated way. According to Laurie J Bassi and Mark E Van Buren, managing IC involves[18]:
For the term intellectual capital may also exist other definitions and meanings, the meaning and definition indicated above are indicative not be used for medical and legal or special purposes.
Source : http://www.vedpuriswar.org/glossary/KnowledgeManagement%20TERMS__Aug_27_06.doc
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Intellectual Capital
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