In the knowledge-based economy the wealth-creating capacity of organisations is no longer based on tangible assets such as buildings, equipment, and vehicles alone. Intangible assets are key contributors to securing sustainable competitive advantage. It is therefore critically important that intangible Information Assets (IA) such as data, documents, content on web sites, and knowledge are understood and well managed. The sound management of these assets allows an organisation to run faster and better, resulting in products and services that are of a higher quality at a lower cost with the benefits of reduced risk, improved competitive position, and higher return on investment. The initial stage of this research found that executive level managers acknowledge the existence and importance of Information Assets in their organisations, but that hardly any mechanisms are in place for the management and governance of these valuable assets. This paper discusses the reasons for this situation by referring to barriers such as lack of awareness and justification, ineffective management, leadership, and governance, as well as inadequate systems and practices. Without understanding these barriers, it is impossible to improve the management of these crucial assets and thus reduce risk, improve competitive position, and increase return on investment.

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This document reports on the investigation of senior managers' interpretation of Intellectual Assets and their value to the corporation. The participants included ten senior managers from nine large Australian organizations. Confidential qualitative interviews were employed and emerging themes were identified. The research participants recognize the need to manage intellectual assets and their importance to operations and competitive advantage. However, because of the intangible nature of Intellectual Assets there is a lack of management of this valuable resource.