THE BASIC DYNAMICS OF SUSTAINABLE COMPETITIVE ADVANTAGE IN ENTERPRISES: KNOWLEDGE MANAGEMENT AND INTELLECTUAL CAPITAL

Abstract

Today, enterprises need to develop and carry out different and original practices in order to attain sustainable competitiveness and to keep up with rapid macro-level changes. In the process of differentiation, the concepts of “knowledge management” and “intellectual capital” are of significance. Knowledge management is a strategy that helps direct knowledge to the right centers in the processes of transmitting the right knowledge at the right time to the right targets, sharing knowledge with workers, and bettering the organizational performance. The fact that intellectual capital is addressed as a combination of three main dynamics demonstrates that the scope of this concept has widened significantly. Each of these dynamics “human capital”, “structural capital” and “relational (or client) capital” is a separate value and of utmost importance for sustainable competitiveness. The aim of this study, thus, is to provide a perspective by conceptually discussing the notions of knowledge management and intellectual capital as well as the interaction between them in terms of sustainable competitiveness at the dimension of value creation.