IAM Explained: What is IAM?

IA management involves visualising your organisation's IA, prioritising them with respect to strategic direction, and safeguarding them. Your business can then work to achieve the maximum commercial value from each asset.

Understanding Intellectual Assets

IA management differs depending on the organisation, although there are some common themes which apply to all industries and organisations - whether manufacturing, medical or service related.

First of all, an understanding of intellectual assets at a senior management level is critical. This will ensure that not only are the organisation's assets identified, but that an IA strategy is put into place so that existing assets can be effectively managed, as well as new assets which are developed in the future.

Once identified, the assets should be recorded e.g. Standard Operating Procedures may be developed; market information may be analysed and reports compiled which can be accessed by others; a technical process may be filmed to facilitate training of new staff, or sold as part of a particular product offering (if assembly/maintenance are required).

The methods for safeguarding each item of IA can then be considered and reviewed - should there be restricted access to certain assets? Would there be a greater benefit in keeping a process secret rather than patenting (therefore publishing) it? Do your contracts of employment restrict employees from divulging confidential information or working for competitors?

When successfully safeguarded, commercial exploitation of IA can take many forms, but essentially such assets can be traded e.g. assigned; licensed; packaged as part of the core service a customer receives. Prestigious customers may agree to being named for marketing purposes.

Finally, by documenting and managing your organisation's IA, you can find opportunities for new revenue streams as well as spotting gaps in expertise, allowing you to continually build on your IA. This can increase your organisation's competitive edge, but will also make it a more attractive proposition for investors, licensees, franchisees or indeed a potential buyer in the future.