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Conclusions And Recommendations The Article Concludes By Emphasizing The ...


Conclusions and Recommendations
The article concludes by emphasizing the importance of measurement and management of intangible assets that enables a business to take a transformational leap into the successful league.
It clearly articulates that the critical success factor in this drive by an organization to successfully achieve its strategy, the intangible assets need to display strategic readiness and be aligned to the business's strategy.
This framework of appreciating intangible assets and managing their strategic readiness is relevant in today's fast-churning business environment. If adopted by businesses that are followers, it can be a catalyst for growth and a good springboard for achieving leadership position. The flip side is that this strategy map framework, if applied in all its academic purity may lead to theoretical rather than practical output. It is important to use it just as a tool for forward movement in a realistic work environment.
The most powerful idea that this framework gives to any business contemplating strategic transformation is about the various techniques and methods that are now available for measuring and managing intangible assets just as it quantifies and manages its inventory, machinery and profit and loss.
In context of United Kingdom's business environment, the following facts apply:
The importance of the intangible assets first highlighted in a report in 1997 entitled "The UK's Investment Performance: Fact and Fallacy".
The UK Government has decided to launch a specific programme on the value of intangible assets.
The UK Accounting Standard Board (ASB) and Institute of Chartered Accountants in England and Wales (ICAEW) have been asked by Department of Trade and Industry (DTI), in consultation with others, to look at the scope for better guidance on disclosure of intangible assets.
A Best practice programme named MARIA - "Managing And Reporting Intangible Assets" has been launched.
(Source: http://www.ll-a.fr/intangibles/united_kingdom.htm)

References
Kaplan, Robert (2004), Five Questions About Strategy Maps, Harvard Management Update, Article No. U0411E
Kaplan, Robert and Norton David (2004), Strategy Maps: Converting Intangible Assets into Tangible Outcomes, Harvard Business School Press
Zadrozny, Wlodrek Leveraging the power of intangible assets MIT Sloan Management Review Vol. 48, No. 1
Getting a grip on Intangible Assets (2001), Harvard Management Update, Article No. U0102C
Barber, John, Intangible Assets and Competitive Advantage in the Knowledge-based Economy, accessed from http://www.dti.gov.uk/innovation/innovation-statistics/evaluation-reports/page10745.html
Emerging UK Agenda for Intangible Assets, accessed from http://www.ll-a.fr/intangibles/united_kingdom.


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