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Knowledge assets are fundamental to economic activity and can be hugely valuable, and modern business invests heavily in their development to secure competitive advantage. A modern and successful economy is dependent on such investment. The nature of knowledge assets, unlike most physical assets, is that they are often non-rival and can be easily replicated or used by others simultaneously, which can result in positive spill overs that benefit people other than the original producer who invested in developing the asset. This can be a disincentive to investment in their development as competitors can effectively copy or benefit from an innovation without having expended the same effort in its creation. This in turn is a driver for steps to be taken to protect that asset, by restricting and controlling its use in some way. B. Knowledge asset management strategies can be appropriately tailored to the needs of an organisation and integrated into an organisation-wide process of asset management. Chapter 7 contains more information on this. Game changing ideas have come from the UK public sector multiple times over the years, and we are keen for more of these knowledge assets to be developed, managed and exploited. These ideas can have much wider social, economic and financial benefits.

An organisation should therefore consider the processes and activities that it undertakes that are likely to give rise to significant knowledge assets. It is not possible to be comprehensive, given the wide range of circumstances under which knowledge assets can arise. However, any work involving the creation or compilation of information is likely to result in the generation of some knowledge assets. Some of the most common routes that will be applicable to many organisations include: Exploitation for the asset’s original purpose – does the strategy help you determine the most effective exploitation route for your asset? This can be social, economic, financial or a combination of these. This chapter provides an overview of the high-level principles for effective management of knowledge assets, including: The concept of protection can feel counter to the culture of public service that exists across the UK public sector. There is a natural and understandable instinct among public servants to share their good ideas so that others can benefit from them. However, as described above, doing so without a proper consideration of protection can give rise to significant costs or lost opportunities. It is therefore incredibly important that a knowledge asset management strategy (as set out in chapter 3) ensures asset holders assess the need for protection and put in place any relevant protection measures before they release their assets more widely. Personal and sensitive information

After a review of knowledge assets is complete, an organisation should have a better understanding of its knowledge assets and be able to identify risks and opportunities and take appropriate action in response. Ownership of knowledge assets generated by employees This guidance is focused on UK government departments, agencies and public bodies, all of whom generate knowledge assets. Where an organisation is headed by an Accounting Officer, responsible for upholding Managing Public Money and managing that organisation’s assets, that organisation will fall within the scope of this guidance. [footnote 2] These organisations are primarily those classified to the central government sector by the ONS, but others will be in scope. This means those organisations should have a strategy for managing their knowledge assets, as covered in chapters 2 and 3. It should however be considered alongside the legal framework, and other relevant guidance or principles which may apply to individual organisations. Its scope does not extend to local and devolved government, or to universities, although it may still contain useful information that is relevant to their effective operations.

A more comprehensive approach might involve gathering an inter-disciplinary team, including colleagues from innovative areas of the business, as well as colleagues in corporate roles such as finance, strategy and legal.

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The next step is to consider the strategic role of knowledge assets in achieving those objectives. For example, the role of specific analytical capabilities in supporting policy development, of databases in delivering services, or of IP rights in delivering long-term value from procured goods and services.