Two mobile business people working on their tablets

Making the Most of Your Tangible and Intangible Assets

19 Dec 2016 by Andrew j. Sherman

In today’s competitive marketplace, companies need to exploit every opportunity to their strategic and ecosystem advantage. This includes the measurement and monetization of both tangible and intangible assets. Opportunity is everywhere and has never been more easily accessible, but you need to harvest your company’s intangible assets to remain competitive. Here are four strategies your organization should be implementing.

Get Off My Cloud

Cloud-based apps allow document sharing and real-time editing among multiple users easily, efficiently, and transparently. Most providers offer security systems such as, backing up records and data encryption. Some go as far as offering compliance standards for regulatory issues. Cloud service providers allow for flexibility and agility that your company may need for deadline-driven opportunities. Moving your business to the cloud makes sense. Easier access to data throughout the company lowers the threat of losing critical information, less duplication of documents and better collaboration.

Going Mobile

Let’s face it, going mobile isn’t optional anymore. It increase workforce productivity, lowers overall business costs, makes for happier employees, and as a business, you just can’t afford not to do it anymore. 

Access to information is literally at your fingertips. When opportunities unexpectedly arise, mobility offers enhanced communication and unparalleled responsiveness from teams.  Additionally, many companies offer the benefit of working remotely. Gone are the days where a project is on hold because of inclement weather or illness. Employees can stay on top of project developments quickly and conveniently in or out of the office. While some companies continue to have a physical presence, some companies have chosen to completely run their business operations remotely. We are seeing less and less brick-and-mortar business locations and more online business presence.

Mobility also captures real-time data and allows you to share and transfer knowledge faster internally and externally. No one does this better than Apple. For example, while you walk through the Apple store to purchase new earbuds, team members can quickly check on your upgrade and then tell you how many gold, silver, or rose colored phones are in-stock while doing handstands, with one hand. Jokes aside, not only can they easily access real-time data about their own inventory, but by simply giving them your Apple ID, they ensure that everyone in the store knows your name, recent transaction information and suggestions for phone accessories or additional options one might need for their new device. Didn’t you just walk-in for earbuds? That’s just one example of business intelligence and mobility done right. Genius!

If your company hasn’t focused on enterprise mobility, your customers are likely choosing a competitor that is staying relevant. Stay relevant!

Let’s Collaborate

There are some great new tools that allow for real-time collaboration with anyone, anywhere in the world, that can increase effectiveness and efficiencies in business, and allow for a competitive advantage (for now). Encouraging a collaborative culture encourages every employee to dig deep and understand why they are committed to a company and its objectives. When they start to understand the true meaning behind the objective. their perspective changes. They are more likely to feel valued, and see themselves as contributors instead of just employees collecting a paycheck. According to Forbes, the number one success factor for a collaborative organization is making the individual benefit just as important as the overall corporate benefit. 

No matter the size, type, or industry, every organization should prioritize collaboration initiatives and put a strategic plan in place. Collaboration starts at the top and trickles its way across the board. When leaders encourage and reward collaborative behavior they not only enable change but reinforce a positive and supportive environment. Collaboration continuously changes and it’s up to an organization and its leaders to adapt and evolve with it. 

Build an Intellectual Asset Management System

Intellectual Asset Management (“IAM”) is a system for creating, organizing, prioritizing, and extracting value from a company’s various sets of intellectual property assets. The intellectual capital and technical know-how of a company are among its most valuable assets, prove its greatest competitive advantages, and are the principal drivers of shareholder value, yet rarely do companies have adequate personnel, resources, and systems in place to properly manage and leverage these assets. IAM, as a matter of strategy and competitive intelligence gathering, also involves monitoring certain developments in the company’s marketplace.

Head shot of Andrew J. Sherman

Andrew J. Sherman

(@AndrewJSherman) is a partner and Chair of the Corporate department in the Washington, D.C. office of Seyfarth Shaw, and a top-rated Adjunct Professor in the MBA and Executive MBA programs at the University of Maryland and at Georgetown University Law Center. He is the author of several books, including Harvesting Intangible Assets, Franchising & Licensing and his latest to be released December 30, 2016, The Crisis of Disengagement.