Proceedings of the 12th European Conference on Knowledge ...

Managing Intellectual Capital in SMEs in <strong>the</strong> Framework <strong>of</strong>
<strong>the</strong> Knowledge Based Society
Marta-Christina Suciu, Alexandru Ghiţiu-Brătescu Simona Busoi, Ramona
Spiridon, Cristiana Bolocan Protopopescu, Florin Sirbu and Irina Dumitrescu
Academy <strong>of</strong> Economic Studies Bucharest, Bucharest, Romania
suciuchristina@yahoo.com,
alexghitiu@yahoo.com,
busois@yahoo.com
ramonaspiridon@yahoo.com,
bolocan_proto@yahoo.com,
florin_sirbu@yahoo.com
irinadumitrescuupg@yahoo.com
Abstract: The aim <strong>of</strong> this article is to identify <strong>the</strong> operating systems that companies can adopt to manage
intellectual capital, especially in SMEs. Based on intellectual capital management and resourced based approach
for Knowledge and Intangible Assets Management, SMEs companies seeking to meet <strong>the</strong> needs <strong>of</strong> all staff, are
not investing in an adequate way in those pr<strong>of</strong>essions that might make a real difference. It is important to
implement an assessment aimed to bring out explicitly <strong>the</strong> contribution to <strong>the</strong> total value <strong>of</strong> intangible assets <strong>of</strong>
<strong>the</strong> organization. Our paper tries to look for an integrative approach dealing with intellectual capital management
that might be applied for more SMEs having a distinguished organizational culture. We like to demonstrate that
<strong>the</strong> ideal environment for Intellectual Capital Development (ICD) is to be pro-active, able to give direction to <strong>the</strong>
technological and organizational changes affecting <strong>the</strong> sector in which <strong>the</strong>y work an undertaking in which all
human resources are identified and where <strong>the</strong>re is awareness <strong>of</strong> <strong>the</strong>ir role and attitudes toward change.
Concentrated on <strong>the</strong> perspective <strong>of</strong> <strong>the</strong> Balance Scorecard method, namely <strong>the</strong> perspective <strong>of</strong> <strong>the</strong> processes <strong>of</strong>
learning and growth, we can understand how <strong>the</strong> development <strong>of</strong> intellectual capital is a challenge for <strong>the</strong>
leadership <strong>of</strong> <strong>the</strong> staff within SMEs: it is required to conduct and roles on <strong>the</strong> one hand aimed at facilitating <strong>the</strong>
process <strong>of</strong> knowledge accumulation, o<strong>the</strong>r mechanisms to enable more appropriate management and motivation
to help <strong>the</strong> knowledge generated to develop sharing and transfer. The paper presents briefly an exploratory
research used for debating <strong>the</strong> issue <strong>of</strong> intellectual capital (IC) in Romania’s SMEs. Our research is at a starting
point for possible future <strong>the</strong>oretical and empirical investigations. This paper seeks to develop in Romania a
framework <strong>of</strong> IC reporting by starting to learn and adapt.
Keywords: intellectual capital, intangible assets, knowledge based economy, intellectual capital management,
balance scorecard, competitive advantage
1. Introduction
Companies must realize how important it is to "know what <strong>the</strong>y know" and to be able to make
maximum use <strong>of</strong> knowledge. In terms <strong>of</strong> definitions, knowledge assets are knowledge regarding
markets, products, technologies and organizations, that a business holds or should hold in order to
enable its business processes to generate pr<strong>of</strong>its and add value.
On <strong>the</strong> o<strong>the</strong>r hand, knowledge management is not only about managing <strong>the</strong>se assets, but also on
managing <strong>the</strong> processes that act on <strong>the</strong>se assets.
In <strong>the</strong> knowledge based society and economy, intellectual capital provides a competitive advantage
and is fundamental to support management decisions in <strong>the</strong> allocation <strong>of</strong> investment and investors'
decision on value versus price. National policies should be implemented to begin to measure but also
to create a supplement to <strong>the</strong> annual financial records as <strong>the</strong> ratio <strong>of</strong> IC. (Suciu, C, 2010).
A correct evaluation <strong>of</strong> intellectual capital and <strong>the</strong> prevailing trends in <strong>the</strong> medium-long term is <strong>of</strong>
fundamental importance for realistic projections based on <strong>the</strong> model <strong>of</strong> sustainable development in all
its essential components: economic, socio-cultural and environmental. Given that <strong>the</strong> Lisbon Agenda
expired in 2010, <strong>the</strong> EU has prepared a new strategy for growth over 10 years to replace it, in an
effort to improve <strong>the</strong> process this time. This project has been named "Europe 2020", aimed at
delivering growth and jobs for <strong>the</strong> next decade.
In <strong>the</strong> case <strong>of</strong> Romania priorities should include <strong>the</strong> development <strong>of</strong> social and intellectual capital <strong>of</strong>
SME’s that have a real impact on <strong>the</strong> development <strong>of</strong> innovation and competitiveness.
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