Determining the strategic prospects of an enterprise by assessing the dynamics of its intellectual rent

Abstract

The success of long-term economic development of enterprises depends on the resources they use in their business operations. Until recently, efficiency was achieved mainly through material resources. However, economic transformation has increased the importance of non-material components in the performance of any enterprise. The intellectualization of production makes it possible to talk about the availability of intellectual rent, which is a prerequisite for successful business operations. This study aims to explore the possibility of assessing dynamics of the intellectual rent of enterprises based on proprietary tools to determine the strategic prospects of business entities. The study uses mathematical calculation of excessive profits gained by the enterprise from its operation. The authors make an assumption that it is strategically important for any modern enterprise to efficiently use intellectual capital in its activities. By calculating the volume of intellectual rent and comparing the obtained data between different entities, it is possible to determine the prospects for further economic development and formulate recommendations for improving business operations. The importance of the rent income of enterprises for the sustainable development of territorial entities is considered. Approbation of proprietary tools for assessing the intellectual rent at enterprises engaged in the production of metal structures allowed the authors to identify strategic directions for their development. Thus, only one out of five analyzed enterprises showed a stable growth of intellectual rent during the period under consideration, and three showed a complete lack of rent income in different periods. The obtained data allowed the authors to develop initial recommendations to modernize the strategic operations of business entities. The proposed approach makes it possible to assess efficiency of individual entities within their industry, and in the future would allow us to consider the state of the entire national economy on a global scale.