Ready for the future? Universities' capabilities to strategically manage their intellectual capital

Abstract

Purpose -This paper aims to explore the possibilities of combining foresight techniques and intellectual capital management, as two approaches of participatory strategic management, in higher education institutions. The objective is to generate concrete benefits for prospective strategic management in the academic sector. It also aims to focus on how it may be possible for universities to address the challenges of major change management programmes by implementing foresight and intellectual capital management models.Design/methodology/approach -The paper reviews recent literature both on conceptual issues and experiences in relation to foresight and intellectual capital. The paper presents an ongoing project focused on the development of a vision for the future of the higher education system in Romania and a frame to differentiate Romanian universities.Findings -A proposal of an integrated use of foresight and intellectual capital management for universities is suggested. The case study presented illustrates how foresight provides an excellent approach to address the question of how to develop a shared vision of the future and jointly define a strategy to best adapt an organization to the new context, and intellectual capital management models play a role in strategic management, resource allocation and monitoring of objectives and organization performance.Practical implications -The issues addressed in the paper could provide the starting point for better integration of strategic management in higher education institutions.Originality/value -The paper explores two concepts closely related but that have not been analysed together: the relationship between Intellectual capital approaches and foresight.

Strategy as Dialogue and Engagement

“…It is important to ensure the wide support of key stakeholders because the implementation of strategies requires dialogue and compromise (Whittington 2006). Academic staff, in particular, might find that the strategies adopted clash with their own strategic interests and motivations and that they are of low relevance to their performance (Elena-Pérez et al 2011). The highly dynamic and competitive environment in which universities and other higher education institutions operate places emphasis on the need to adopt strategic focus areas, increase the diversity of the funding base, identify and engage with a multiplicity of internal and external stakeholders, and prepare operational alternatives for performance management (Aarrevaara 2015).…”

The Evaluation of Universities’ Third Mission and Intellectual Capital: Theoretical Analysis and Application to Italy

“…The consideration of ICU (and intangible resources in general) is currently sporadic and not institutionalized, except for Austrian universities, which, in 2006, adopted mandatory knowledge balance sheets for the first time (according to the "Intellectual Capital Report 1999-2004"). In Italy and Spain, the adoption of descriptive reports of ICU is completely voluntary [82][83][84], and other experiences in ICU disclosure practices are present in Eastern Europe [85]. Several authors see ICU as a communication tool for social legitimating purposes [86] or as appropriate means to foster discussion about the correct exploitation of resources and the adequacy of goals, but sometimes universities remain reluctant to adopt these tools, due to the lack of an adequate reward system [87].…”

Technology Foresight: A Bibliometric Analysis to Identify Leading and Emerging Methods

“…Despite the importance for sustainable business, the research connecting foresight theory with strategic decision making is sparse [Vecchiato, 2012]. Saritas sheds some light on the fragmentation by explaining that foresight is highly context-dependent [Elena-Pérez et al, 2011]. Others consider the connections with other foresight activities critical and emphasize the importance of networking with 'distributive intelligence tools ' [de Lattre-Gasquet et al, 2003].…”