Assessment of the impact of intellectual capital development on firm development: an ISM approach

Purpose The paper aims to determine how intellectual capital development mediators aid in the development of the company. Intellectual capital management (ICM) enhancers are difficult to measure, yet there is enough information available to assess how they affect the development of an organization. Design/methodology/approach The following queries have been covered in this paper: What are the essential components that make up a firm's development? What part do ICM facilitators play in the development of the company? A methodical analysis of the literature was used to determine the ICM facilitators that propel the growth of the organization. To determine the crucial components of ICM effectiveness, a survey-based questionnaire was sent to a variety of employees in the public and private sectors of Indian organizations. Findings The interpretive structural modeling (ISM) provides information on the degree of involvement and illustrates how facilitators impact one another. In this paper, the ICM strategy is described in general terms and how businesses can use it for the development of the firms that boosts productivity and efficiency. The significance of human, structural and relational capital (RC) in Indian enterprises is examined in this paper. In addition to human capital, structural capital and relational capital, organizational culture, innovation and learning are all essential for putting ICM practices into practice. Specifically, these elements directly affect a business's ability to gain a competitive advantage, grow and improve organizational performance and ultimately the development of the firms. Research limitations/implications The profiles of the respondents and the organizations to which they belong must be taken into consideration when interpreting the research's conclusions and findings. The respondents are limited to Indian organizations only. Practical implications ICM facilitators can reduce the number of complaints from customers and increase their satisfaction with the goods and services provided by Indian firms. ICM efforts may also be redirected into innovation to raise the quality of goods and services. Originality/value To improve firm development, experts who develop and implement ICM systems and processes in their respective fields might find this study useful in identifying the facilitators and developing a suitable plan for the methodical growth of intellectual capital that makes use of ISM.