Knowledge Economy

Intellectual capital is now widely recognized as key factor in organization success and as such is of relevance to libraries. Intellectual capital management, therefore, is of great relevance to library and information professions. However, the wider ramification of the relationship between intellectual capital management (ICM), knowledge management (KM), and library and information science (LIS) is yet to be properly exploited by LIS professionals. Without doubt, there is a dynamic and multi-faceted relationship. This chapter introduces key aspects of this relationship, and in particular potential synergies, conflicts in literature, pre-requisites for ICM implementation in libraries and challenges faced by the library and information professions. In the light of this, the author concluded that LIS professionals must see KM and ICM as an integral part of librarianship. More so, in order for LIS professionals to properly implement ICM practices, there is the need to acquire new management skills, strategic and policy-making skills, and have in-depth experience in the management of information. Finally, from the author's perspective, the success of ICM and KM in library organizations would require strong leadership and vision from top administration, which will influence the organization's sharing efforts as a culture.