Integration into projects
Intangible assets management in projects
All projects create intangible assets. Software, databases, designs, inventions and methods are typical examples. You need to make sure that you manage your creation, use and re-use of intangible assets in projects. This page aims to give you a range of actions to choose from so that you are able to implement those suitable for your organisation.
We use projects to solve specific problems. By projects we mean:
- one-off bits of work;
- with start and end dates;
- aimed at producing defined "products";
- to meet a specified business need.
You need to find out how your organisation manages project work. For example, you may manage project work informally as part of day-to-day work within teams, or through a formal project management structure using dedicated project managers working to PRINCE2®. However you manage it, applying innovation and creativity to solving problems results in new intangible assets to meet your needs.
Action for your organisation at the start of a project
At the start of the project you need to:
- Identify what specific "products" the project will create (these may include both tangible assets - for example buildings - and intangible assets – for example software, designs, databases);
- Decide how you need to be able to use and re-use the intangible assets, and what for (use in-house, share with external organisations, develop, modify, trade, sell?);
- Check whether you need to use intangible assets belonging to others (either directly off the shelf, or incorporated into "products" and, therefore, part of new intangible assets), and ensure you have their permission (the Rights) to use them in the way you need to.
You will also need to review "products", business needs and permissions as the project develops to ensure you take into account any changes.
Actions for people in project roles
- Project manager - the person responsible for managing the project work and delivery day-to-day;
- Project executive - the senior manager or executive accountable for delivering "products" (intangible assets) from projects to meet defined business needs;
- Budget holder - the person in the business commissioning and paying for the project work (may also be the future business owner);
- Business owner - the person in the business accountable for the asset once project work is complete (may also be the budget holder);
- Business user - the person using the "products" (intangible assets) once handed over from the project (may also be the business owner and/or the budget holder);
- Legal advisor - the person who has specific responsibility for IP.