V.N. Kirillov

In a world economy, corporations must search for new solutions to overcome problems that have an immediate impact on their competitiveness and a long-term impact on their survival. These solutions are usually found in developing innovations in strategies, products, processes, and marketing. However, for these innovations to come to fruition, corporations must be able to use the intellectual capital within them. The intellectual capital is knowledge built up over the course of the corporation's business and serves as a vital resource for moving to a more effective and efficient business model. Organizations is a knowledge-producing systems and the knowledge-creating process is described in terms of: generative processes, creating new knowledge productive processes that form the basis for offerings and commitments to customers, and representative processes that transmit these offerings to customers, often in an interactive mode of joint value-creation Therefore, it is important for industrial practitioners to think about the concept and purpose of intellectual capital. The conduct of this vital task is enabled by intellectual capital that is constructed through continuous accumulation and updating of knowledge. Advanced information technology plays an important role in this effort. These technologies position a company for the future advanced information society, in which global networks will take on greater importance, and where intellectual capital will also be of global proportions. The survival of an organisation will depend largely on how successfully it can use the global network. In conclusion, it is very important to shift the corporate philosophy from tracing the past achievement to focusing on the future strategy making full use of intellectual capital.