Intangible Economy for Technical Professionals
The course provides a concise overview of the intangible economy. This refers to investments and assets that do not physically exist but have core and long-term economic value for enterprises. These include things like data, patents, digital services, technology for computers and cell phones, search engine algorithms, websites, drug formulas, brand reputation, employee expertise, organizational processes, and even the sum of knowledge contained within the organization. In contrast, tangible assets do physically exist. These include things like buildings, machinery, equipment, and vehicles. In recent years, investment in intangible assets has exploded.
Nonphysical assets increasingly drive the modern economy. You see this in practically every sector from software research and development to new HR training programs to innovative health care treatments. The COVID-19 pandemic appears to have accelerated this shift toward a dematerialized economy -- rich with intellectual property but not the kind you can actually touch and feel. While intangible assets have grown to huge importance, engineering generally hasn’t kept pace.
The profession still largely focuses on tangible assets and generally discounts intangible investments. Unreported intangibles have led to financial statements having declining utility for executives and investors. As economies recover from the pandemic, executives and regulators worldwide are looking at the intangible economy with fresh eyes and a new appreciation. New mindsets and reporting standards are evolving. A general consensus is that intangibles need to be more tightly integrated into economic growth engineering and corporate decision-making. This presents new opportunities to breathe new life into productivity and unlock more growth potential based on learning, knowledge, and intellectual capital.
The course covers all this and much more. You’ll walk away with a foundational awareness of intangible economy principles. You’ll also discover the different categories of intangibles, how intangibles fundamentally differ from tangible assets, and practical ways you can think about and manage intangibles to drive growth and create long-term advantage in your own operations.
- What is the Intangible Economy?
- The Major Categories of Intangible Assets
- The Growing Importance of Intangible Assets
- How Intangibles Play a Major Role in Improving Productivity and Competitiveness
- What’s Different About Intangible Assets Compared to Tangible Assets?
- How the IRS Valuates Intangible Assets and What Lessons It Offers for Enterprises
- New Strategies for Intangible Asset Measurement and Management
- How to Master the Deployment of Intangible Investment
- Explain at least four ways intangibles contribute to corporate value and strategy.
- Point out at least five economic, social, and regulatory forces that are driving interest in intangibles
- Summarize the three major categories of intangibles
- Describe at least four ways intangible assets differ from tangible assets, and how intangibles challenge conventional economic thinking and traditional business assumptions
- Demonstrate the four-step workplan used by the IRS to estimate the worth of intangible assets, and how this process can be used to guide the tracking and valuation of non-physical assets in your own operations
Who Should Attend
Practitioners who want a basic, non-technical understanding of intangible economy principles, and how to master the deployment of intangible investment in a dynamic era of intellectual property realization, digital transformation, and value dematerialization.REQUEST GROUP TRAINING QUOTE
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Almost all of EPIC's courses offer :
- Continuing Education Units (CEUs) and
- Professional Development Hours (PDHs)
These course credits will help attendees earn training requirements for their associations or provincial governing bodies.
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