Intangible value, the new economic success factor
Tarjanne, Petra; Perttunen, Anu-Katariina (2015-12-14)
Tarjanne, Petra
Perttunen, Anu-Katariina
työ- ja elinkeinoministeriö
14.12.2015
Julkaisusarja:
MEE Guides and other publications 25/2015This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
http://urn.fi/URN:ISBN:978-952-327-074-9Tiivistelmä
Well-being is based on the nation’s ability to create value. In the global arenas, the playbook for value creation requires constant updating. Bioeconomy, cleantech and health technology are Finland’s strengths, but we need more to be able to maintain the nation’s well-being. Gadgets, as well as well-branded and sought-after Finnish services in export markets, are both equally welcomed creators of well-being. Policies should recognise that intangible value creation is as important to the economy as tangible value creation.
Among Finland’s opportunities for success, intangible value creation, how it is recognised and how business policy can be refined to support it, are probably the opportunity that is most in need of development. Digital business, its close relation, attracts increasing attention, but still also mainly springs from the traditional thinking model of industrial production. What partly makes the discussion more difficult is that the concepts we use originate from the world of physical investments and production.
We understand that intangible investments are important. They are used to accumulate intangible capital such as expertise, customer insight, corporate culture, brand value and the IPR portfolio. Recently, investments in research and product development were also accepted to the national economy accounting and national product calculations to represent intangible capital. However, there is a long way from investing and from the capital it helps to accumulate to value creation, particularly in global ecosystems. Digitalisation spurs this race with increasing speed.
One of Finland’s big challenges in both the private and public sectors is how the investments in intangible capital can be turned into success based on Finland in the rapidly changing value networks. Investing in innovation requires constant proof of its benefits, and an increase in intangible value creation is a good sign of success.
Among Finland’s opportunities for success, intangible value creation, how it is recognised and how business policy can be refined to support it, are probably the opportunity that is most in need of development. Digital business, its close relation, attracts increasing attention, but still also mainly springs from the traditional thinking model of industrial production. What partly makes the discussion more difficult is that the concepts we use originate from the world of physical investments and production.
We understand that intangible investments are important. They are used to accumulate intangible capital such as expertise, customer insight, corporate culture, brand value and the IPR portfolio. Recently, investments in research and product development were also accepted to the national economy accounting and national product calculations to represent intangible capital. However, there is a long way from investing and from the capital it helps to accumulate to value creation, particularly in global ecosystems. Digitalisation spurs this race with increasing speed.
One of Finland’s big challenges in both the private and public sectors is how the investments in intangible capital can be turned into success based on Finland in the rapidly changing value networks. Investing in innovation requires constant proof of its benefits, and an increase in intangible value creation is a good sign of success.