Abstract
This study develops a new integrated approach for improving deficiencies relating to executives’ intuitive or illogical decisions, mainly found in past intellectual capital management (ICM) methods. To simultaneously rectify several flaws, the process model of intellectual capital (IC), a traditional ICM method, is integrated using decision science methods—the analytic network process (ANP) and quality function deployment (QFD). The process model of IC is adopted as a core procedure of the proposed ICM approach. ANP is integrated to improve the ability to consider relationships among the IC critical factors and their impacts, while QFD is included to facilitate the systematic consideration and identification of correlations, linkages, and impacts between all IC-related elements from the business concept to strategic plans. The proposed method was applied to two case studies in one real enterprise in Thailand. The results of the implementation reveal the priorities of all IC-related aspects, and the first priority of key success factors (KSFs), key performance indicators (KPIs), and action plans (APs) are all associated with the organization in the structural capital dimension. The results demonstrate that the method may offer advantages with respect to the conceptual expectations and may prioritize critical IC factors and identify their weights. Furthermore, the improved method could indicate the correlations and impacts between related elements, such as critical factors and associated indicators. This study proposes a new comprehensive and systematic management framework by integrating different concepts—decision science methods and the ICM method. To the best of the authors’ knowledge, this improved approach has not been explored or proposed in earlier studies.
Highlights
Fierce competition in today’s business world has compelled most organizations to continuously adapt and improve themselves to keep pace with their competitors and to ensure their sustainable survival in the market
This study proposes a novel hybrid approach that integrates two different approaches—those of multi-criteria decision-making (MCDM) and the quality improvement method—with the traditional intellectual capital management (ICM) method. This proposed approach aims to address past deficiencies by including decision science methods along with unscientific managerial practice
This study combines and integrates three different methods—analytic network process (ANP), quality function deployment (QFD), and the process model of Intellectual capital (IC). Thence, this integrated approach was applied to the real case study of two business units of a small enterprise in Thailand
Summary
Fierce competition in today’s business world has compelled most organizations to continuously adapt and improve themselves to keep pace with their competitors and to ensure their sustainable survival in the market. IC management (ICM) can significantly benefit organizations in many aspects. (1) categorization and framework of IC, (2) IC measurement and impact of IC on business performance, (3) practical use and management of IC, and (4) development of ICM method. Among these various groups of studies, the measurement of IC performance and its impact on business performance was found to have received the most attention [2]. Studies of this nature may clarify and emphasize IC’s relationships with and benefits for organizations, they have primarily drawn attention to IC’s importance.
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