Among the most used tools to evaluate business financial performance is the analysis and interpretation of financial statements in which accounting statements such as the Balance Sheet, the Income Statement and the Cash Flow Statement are used as a source of information. The analysis of the financial statements is carried out by applying methods such as the calculation of variations, integral percentage trends and of financial ratios or ratios recorded in certain periods of time. In the latter case, the reasons for liquidity, solvency, activity, efficiency or rotation, solvency and profitability or performance stand out.
Based on such financial indicators, the companies proceed to carry out their interpretation in order to have evidence for future decision-making in areas such as those relating to their ability to meet their short-term debt obligations., the management and use of its assets and the levels of profitability with respect to sales and invested resources.
However, it should be noted that in order to fully understand and interpret such indicators, it is necessary to resort to complementary information regarding factors in the external context (macro and micro environments) and internal elements of the company that directly or indirectly have had a significant impact on its behavior. Within this complementary information, the one referring to the participation of intellectual capital in the internal processes of the company stands out for its importance, which, according to the Theory of Resources and Capacities, plays a fundamental role in achieving competitive advantages and therefore in the performance levels achieved.
Intellectual capital can be defined as the set of valuable and distinctive intangible assets consisting of a combination of strategic resources related to human talent, systematized information, technological and organizational infrastructure, heritage and social and business relations that are currently contributing to creating value for the company or having the potential to generate it in the future.
These intangible assets generally do not directly affect financial results, such as expanding income opportunities and reducing costs to achieve higher capital returns. They participate in the creation of value by being part of and supporting the critical internal processes corresponding to areas such as operations management, customer management, innovation management and management of regulatory and social processes. To processes in which we must be excellent to materialize and deliver the value proposition for clients and increase the productivity of the company.
All this duly aligned with the financial objectives of growth and productivity to be achieved and the business strategy selected to achieve them, which in turn implies that the concept of valuable and distinctive intangibles derives from the ability they have to decisively contribute to the implementation of the strategy.
Such assets are the result of the intangible resources accumulated over time and the development of a series of initiatives called "intangible activities" that add value and involve the allocation of resources destined to hire, acquire, develop them internally, protect them, maintain them, improve existing ones, evaluate and control them. This through the formulation, implementation and execution of programs of intangible activities for the different types of intellectual capital which commonly includes human capital, information and communication capital, innovation and development capital, organizational capital, relational social capital and business capital. relational.
Human capital includes among its outstanding assets the knowledge, abilities or skills, values and attitudes of workers. Particularly of those profiles of the personnel that correspond to the families of strategic positions, to the categories of positions at different levels that have a greater impact on the critical internal processes of the company.
Information and communication capital can be classified into two main groups: the assets corresponding to information capital applications and those related to technological infrastructure. The first category refers essentially to access and applications of information and communication technologies and the second to technologies shared by staff.
Innovation and development capital includes assets derived from product / service, organizational and marketing innovation activities and those duly registered as intellectual property that includes industrial property and copyrights.
Organizational capital is identified with the integrating capacities that unite the internal organization so that tangible and intangible assets are not only in line with the strategy, but also work together to achieve business objectives. It is embodied in intangible assets such as the internalized corporate culture among staff, the organizational climate, the availability of qualified leaders and teamwork.
Relational social and business capital encompasses the set of interactions with stakeholders that are not directly related to the exercise of the company's activity and those directly related to its operations.
Examples of intangible activity programs referring to different categories of intellectual capital are described below:
- Recruitment of talent. Training of personnel. Decrease in staff turnover. Modification of the recruitment and selection system of staff. Motivation of personnel. Incorporation of knowledge management tools. Formation of a cadre of leaders at all levels. Integrated management systems for customers and suppliers. Legal protection of new innovations. Development of new products. Improvement of product quality. Promotion of a culture of creativity and innovation. Formation of interdepartmental teams. Implementation of the principles of corporate social responsibility..Expansion of the distribution network of products and services. Strengthening of the brand image. Consolidation of relationships with suppliers.
THE INTELLECTUAL CAPITAL REPORT
The Intellectual Capital Report, as a complement to the analysis and interpretation of financial statements, is defined as a document that provides an overview of the strategic purposes of the company, of the critical internal processes and intangible activities implemented to achieve them, and of the measurement indicators. of the actions and results achieved with the development of such activities in a given period.
Its basic structure is made up of topics such as the following:
Mission, vision and values statement.
Financial objectives of growth and productivity.
Strategy implemented to achieve the objectives.
- Value proposition for the customer. Critical internal processes implemented. Intangible activities by type of capital developed to support and shape the different critical internal processes and cause-effect relationships derived from their application. Indicators of measurement by type of capital of intangible activities carried out.Analysis of actions and results.
Regarding the indicators for measuring intangible activities, examples are described below. In this regard, it should be noted that in practice each company will conform its system of indicators based on the particular characteristics assumed by its strategic management processes.
Examples of Human Capital Indicators
- Percentage of workers with technical / technological careers. Percentage of workers with higher level studies. Percentage of workers with specialized training. Percentage of workers with transversal training, with the ability to perform tasks in other positions. Percentage of workers who have the necessary skills to carry out their work activities. Percentage of workers who received training. Number of courses taught internally. Percentage of workers trained in external institutions. Index of satisfaction with the training received. Number of new talent hires. Number of suggestions provided by workers. Number of suggestions adopted by the company to improve processes Percentage of workers who exceeded the standard of their work.Work absenteeism index. Staff turnover index. Occupational accident incidence index. Average experience of workers in the sector. Percentage of foreign workers.
Examples of Information and Communication Capital Indicators
- Percentage that in total investment represents investment in information and communication technologies. Number of computers per worker.
Number of staff accesses to corporate computer systems.
Percentage of employees with intranet access.
Percentage of staff with internet access.
- Number of systems and networks that internally analyze, interpret and share information / knowledge. Number of knowledge networks in which we participate. Number of internally developed process management IT tools. Number of acquired process management IT tools. Number of systems that automate the company's basic repetitive transactions. Number of databases implemented. Number of database queries. Number of integrated international information systems. Number of websites and call centers implemented. Clients served by digital databases.. Process management tools available. Percentage of employees with the option of telecommuting. Firewall systems installed to prevent computer risks.
Examples of Innovation and Development Capital Indicators
- Percentage of total investment in research and development projects. Percentage of investment in research and development with respect to sales. Number of research and development projects carried out with various institutions, Number of product / service, process, organizational and marketing innovations, Number of registered patents, Number of trademarks, Number of copyright registrations, Number of licenses and Permits. Number of franchises. Number of innovation networks in which the company is involved. Number of workers who participated in internal improvement and innovation projects. Number of innovative ideas proposed by the workers. Number of actions carried out to extend the innovative culture among workers.
Examples of Organizational Capital Indicators
- Number of actions to disseminate corporate culture. Percentage of workers identified with the company's values. Percentage of workers who positively value the work environment.
Degree of satisfaction in the collaborator-boss relationship.
Number of managers with leadership capacity.
Percentage of workers who consider that their opinions are taken into account.
- Number of hours dedicated to the integration of new employees Number of activities implemented in the area of gender awareness. Percentage of projects that are based on cooperation between various areas Percentage of people working in teams Number of collaborative teams between departments Number of organizational development projects implemented Number of organizational procedures documented in procedure manuals Number of projects of quality developed. Number of ISO certifications obtained. Number of external quality awards. Number of workers who received awards and recognitions. Percentage of workers who received additional compensation. Number of actions and benefits to harmonize the work and family life of workers.
Examples of Relational Social Capital Indicators
- Business reputation index.Number of reports about the company (not hired) disseminated by the media.Percentage of positive evaluations in the information disseminated by the media.Number of collaboration agreements with public institutions and third sector organizations.Percentage of the total investment destined to environmental projects. Number of corporate communications aimed at information transparency. Percentage of people dedicated to social action. Spending on communication and public relations with respect to sales. Number of distinctions received related to social, environmental and Ethics. Number of initiatives implemented to incorporate renewable energy sources and increase the company's energy efficiency. Number of projects to support education,culture and social development. Percentage of total investment in community service projects. Number of campaigns carried out to gather resources for social works. Number of employment opportunities created for vulnerable people.
Examples of Relational Business Capital Indicators
- Average sales per customer. Percentage that represents the purchases of the top five customers. Average time between contact with customers and closing of sales. Percentage of sales closed with respect to sales contacts. Percentage of customers who repeat purchase. Percentage of sales corresponding to the different means used (direct sales, telemarketing, internet, catalog, vending machines, etc.). Average duration of the relationship with clients. Number of days dedicated to visiting clients. Percentage of lost clients. Percentage of sales to new clients. Percentage of new customers. Number of internet portals aimed at customers. Customer loyalty index. Customer satisfaction index. Number of innovative customer ideas. Number of customers served through phone calls and e-mail.Punctuality index in deliveries. Percentage of claims attended and resolved in favor of the client. Average time for resolving complaints. Percentage of clients with seniority equal to or greater than five years. Percentage of national and international sales. Number of products and services developed with Customer cooperation Percentage of market share Number of products and services developed with customer cooperation Number of marketing channels at home and abroad Number of stores where products are exhibited in preferred locations Number of fairs and exhibitions in which they participated Number of advertising and promotional campaigns carried out Impact level of advertising and promotional campaigns Degree of brand awareness and acceptanceSupplier satisfaction index.Average supplier payment time.Average waiting time from ordering to suppliers until receipt.Percentage of punctual supplier deliveries.Percentage of suppliers certified to deliver without prior inspection.Percentage of purchases from providers made electronically. Percentage of supplier invoices paid on time. Percentage of providers who provide services directly to customers. Number of strategic alliances and collaboration agreements of different kinds. Number and amount of government support obtained through promotion programs. business.Percentage of suppliers certified to deliver without prior inspection. Percentage of purchases from suppliers made electronically. Percentage of supplier invoices paid on time. Percentage of suppliers that provide services directly to clients. Number of strategic alliances and collaboration agreements of different kinds. Number and the amount of government support obtained through business development programs.Percentage of suppliers certified to deliver without prior inspection. Percentage of purchases from suppliers made electronically. Percentage of supplier invoices paid on time. Percentage of suppliers that provide services directly to clients. Number of strategic alliances and collaboration agreements of different kinds. Number and the amount of government support obtained through business development programs.Number and amount of government support obtained through business development programs.Number and amount of government support obtained through business development programs.
Finally, it should be noted that the percentage of companies that prepare specific reports on intellectual capital is limited and mainly focused on large companies. This may be due to factors such as ignorance of the benefits derived from its management and the restrictive requirements established by accounting standards to recognize as an asset the actions carried out by companies in elements of an intangible nature.
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In this perspective, it is considered that the key drivers of the process of creating competitive advantages, and consequently of differentiated and sustainable value in terms of economic benefits, are the resources and distinctive capacities of the intangible character of the company.
A value proposition is constituted by a unique combination of tangible and intangible basic and differentiating benefits that the company offers and delivers to its target customers and that, as a whole, will allow it to distinguish itself from the competition.
