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How well do you innovate?
How well do you manage the value locked up in your recorded knowledge and staff?
How well do you create value from this intellectual capital?
How well do you extract value from this intellectual capital?
How well do you release this value into the market place or into society to maximise long term value creation?
The coaching and active intervention I can provide in a business setting is directed towards innovation and the effective management of knowledge workers, conversion of tacit knowledge into structural capital, value creation value extraction and value release, and intellectual asset and intellectual capital management.
The approach is hands on, well tried and tested and directed towards improving performance, profitability, sustainability and/or long term value.
The Value Proposition is all about improving sustainability and building value in companies large and small, and in society, and of course about improving bottom line economic profit for companies. The value obtained from an ICM approach results from focusing knowledge resources and people selectively on fulfilling the aims of the organisation, and on following through systematically. You may say that this is self evident and common sense however the simple approach I have just outlined is certainly not common practice. Simply getting this one factor right can bring tremendous progress in the life of a company or in the growth of society, and in our modern world it is essential that we take this step. Why is this the case?
This is the case because our world today is highly knowledge intensive, increasingly networked via the Internet and more competitive globally than ever before. Our concerns are dominated by a number of unpredictable factors (e.g.high energy and food prices, a credit crunch and uncertain currency future exchange rates): we now have a classical economy of scarcity. In coming to terms with today’s challenges, traditional methods often focus on cutting costs and weathering the storm, often at a high cost to future developments and long term sustainability.
However there is another and more powerful approach which can and should be applied. The vast potential that resides in the workforce and the structural capital of organisations can be mobilised and used in a targeted way to more effectively participate in the modern economy and take advantages of (rather than hide from) todays challenges. Leading companies and regions are today mobilising this powerful force and from the lessons they have learned this approach is available to everyone. It is true that many organisations are working on parts of such an ICM approach quite intuitively, but it is a complete and holistic approach which is required to give maximum effect. The approach is Intellectual Capital Management (ICM), the practice of selectively nurturing and of generating significant multiple value streams from the tangible and intangible assets in your organisation. As we move more and more from the industrial age into the knowledge age so too we must learn to better create value from all our assets. The powers of human ingenuity are unlimited and in this way we can tap into the true economy of plenty that is the Knowledge Based Economy. If we go one step further, we learn from the Sufficiency Economy approach in Thailand where each citizen is encouraged to live in a way which is truly ecologically in balance so that the citizen is not a drain to the country or the environment but a contributor to the society in which he or she lives.
The elements of an ICM based approach are:
1. Innovation (New Things).
1.2 Creating a Pool of Structural Capital.
1.3 Value Creation.
1.4 Value Extraction.
1.5 Value Release.
1.6 Effective Management of the Knowledge Workforce
1.7 Organically Building and Sustaining a Value ICM Capability.
2. Execution (Doing Current Things Better).
2.1 Conducting the current business using current work processes.
2.2 Applying the ICM Approach step by step until it covers ALL aspects of business or society activity.
2.3 Transforming where necessary current work processes into new ICM ones.
Such an approach is best started based on addressing step by step one identified need within an organisation and allowing it to grow based on proven performance. Each of the elements outlined above will be described in more detail later. Change should be organic not disruptive.
The tools employed are drawn, depending on context, from the vast array of tools already developed by leading organisations or, in the case of a new challenge, are developed for this new context. A very few examples of the many tools available are (i) a foresighting process, (ii) an IC inventory, (iii) an IC audit, (iv) an IC statement, (v) an IP freedom to practice study, (vi) a process for developing and introducing new approaches (in a technology company a stage gated process with risk and reward analysis) or (vii) an ICM process. The tools are hands on, designed to make life simpler and designed to be imbedded in and operated by the organisation.
The output is a truly focused and balanced approach to meeting the objectives of the organisation in which the knowledge, intangible and tangible assets owned by the organisation or accessible to the organisation are much better used in creating the value streams (for companies) or societal change initiatives (for local, regional or national government).
The bottom line value is speed and clarity in arriving at the desired objective while retaining a high level of commitment of employees in companies or a high level of buy in from citizens in society. This offers the possibility of more successful and sustainable companies and a more transparent and engaged societal development.
© Gordon McConnachie 2013 All Rights Reserved