Intellectual Capital Management (ICM) is a set of simple management tools, which allows enterprises to tap into reservoirs of knowledge and expertise that they already possess but may not be exploiting effectively. It also helps them to appreciate competitive pressures from outside and identify their needs to obtain improved knowledge and expertise.
Analyzing existing enterprise knowledge, recording it as far as possible and making it sharable within the enterprise. This becomes the enterprise's ‘intellectual capital’;
Identifying possible sources of revenue that could be extracted from existing intellectual capital and developing marketing plans for them; and
Assessing risks involved in protecting the enterprise's intellectual assets and using an effective intellectual property strategy to minimize business risk.