ࡱ> Y dbjbjWW )==R]~~~~8,F4j(" $ b"~~L ~8~~~~`Gz@U^IINTELLECTUAL CAPITAL  DEVELOPMENTAL RESOURCE OF THE LOGISTIC FIRMS FOR THE 21st CENTURY Prof. Ratko Zelenika Phd., Drago Pupavac, MSc. Sveu iliate u Rijeci Ekonomski fakultet Rijeka Vukovarska 58, HR- 51000 Rijeka, Croatia E  mail: zelenika@oliver.efri.hr, dpupavac@ri.tel.hr KEY WORDS: intellectual capital, resource, knowledge, logistic firms, logistic model, mathematical model KLJU NE RIJE I: intelektualni kapital, resurs, znanje, logisti ke kompanije, efikasnost, logisti ki model, matemati ki model ABSTRACT On the basis of relevant scientific research this paper systematically and concisely elaborates on interaction between intellectual capital and logistic services production. Full attention is given to intellectual capital as a factor in effective creation of the logistic processes or in other words to prove the statement that the first place for achiving competitive advantages in the global and/or regional market of logistic services belongs to knowledge used to produce or improve the existant logistic systems and to create the new ones. Then the paper deals with the tasks of creative logistic managers as open, dynamic and stohastic systems based on knowledge or the creation of universal logistic model determined by the fact that intellectual capital and technological paradigm create the way to new logistic paradigm. Special attention is paid to building and presenting a mathematical model for measuring the intellectual capital as well as the success of its use in different logistic firms. SA}ETAK U ovoj se raspravi temeljem relevantnih znanstvenih spoznaja sustavno i koncizno elaborira interaktivnost veza intelektualnoga kapitala i proizvodnje logisti kih usluga. Najviae se pozornosti posveuje intelektualnom kapitalu kao imbeniku efikasnoga osmialjavanja logisti kih procesa, odnosno dokazivanju tvrdnje da djelotvorno uporabljenom znanju u funkciji proizvodnje i unapreenja postojeih te kreiranja novih logisti kih usluga, pripada primarno mjesto u stjecanju konkurentskih prednosti na globalnom i/ili regionalnim tr~iatima logisti kih usluga. U nastavku se promialjaju zadae kreativnih logisti kih menad~era u funkciji izgradnje logisti kih kompanija kao otvorenih, dinami kih i stohasti kih sustava utemeljenih na znanju, odnosno kreiranju univerzalnoga logisti koga modela determiniranoga injenicom da intelektualni kapital i tehnoloaka paradigma kreiraju put novoj logisti koj paradigmi. Posebna se pozornost u ovoj raspravi posveuje izgradnji i prezentiranju matemati koga modela u funkciji mjerenja veli ine intelektualnoga kapitala i uspjeanosti njegova koriatenja u razli itim logisti kim kompanijama. INTRODUCTION Modern age, the age of so called global economy, is marked by intellectual capital as the most important factor of production in all sectors of economy, because it is a driving force of all other factors of production. Logistic companies attention is focused more and more on creativity of operative stuff and logistic managers, their enterprising spirit, readiness to use and accept new ideas, their flexibility and open - mindedness Creativity, level of knowledge and experience are fundamental prerequisites for efficacity and effecitveness growth on logistic services market. Creative work has become omnipresent slogan which highlights that, regardless of technologically highly developed logistic business system, preconditions for its long term growth and development should be found in intellectual capital and logistic companies readiness to invest in human resources. Out of such problem area we also determine subject of our research: to study and determine the effects of intellectual capital on advancement of logistic companys business. According to that, the following hypothesis is also established: with the help of quantitative and qualitative elements of intellectual capital paradigm it is possible to enlarge efficiency and effectiveness of working out logistic processes, and to find over and over again new ways of adding value to logistic services, lowering total costs and offering users of logistic services continuous support at the same time. CHARACTERISTICS OF INTELLECTUAL CAPITAL AS DEVELOPMENT RESOURCE FOR THIRD MILLENIUM Thanks to the fact that row materials, capacities of production, capital (), can be purchased on world market without restrictions, and also to the fact that labour force, or intellectual capital, is less moveable than other factors of production, in highly developed economies, and economies of more developed countries in transition, intellectual capital is more and more becoming restricting factor of economic growth. By investing in human resources inhabitants of certain country become capable of creating high productivity of work, and of moving the limit of working possibilities by their knowledge and learned skills. With educated population, or certain quantity of intellectual capital, economic growth is inevitable. That is the reason why undeveloped countries cannot escape vicious circle if they dont speed up the growth of economic sectors intensified by quality labour force. Intellectual capital is in most of countries in transition and undeveloped economies considered to be something mysterious and hard to capture, something more like talent or a flash of ingenuity. But, regardless of that, human potential, or intellectual capital is one of the most wanted merchandise, and is becoming more and more expensive as it is so rare resource. What we have to define is: what is intellectual capital? Respecting other definitions and opinions, we could say that intellectual capital consists of people with their knowledge, capeabillities, creativity, skills, experiences, culture, motivation () it also consists of information network by which knowledge, information, software, data basis, licenses, company culture, copyrights, information about customers and quality of relations with the market are transferred. INTELLECTUAL CAPITAL AS THE FACTOR OF LOGISTIC SERVICES PRODUCTION Throughout the last ten years the superior influence of intellectual capital is highlighted, as it is the fundamental factor of optimisation of services and goods production, while other classical factors as land, work, capital, organisation are secondary and static. Intellectual capital determines logistic companies businesses because logistic cannot be automatised easily - information technologies can only assure that operations are done faster, in more precise mode, so that is the reason why new logistic managers can be compared to modern Leonardos, possessing the knowledge about the knowledge. Logistic systems of all kinds and all levels (micro, macro, global, mega) could not function without existence and use of quality phenomenons of intellectual capital, even in cases when such systems are equipped by modern transport suprastructure, goods and passengers circulation, and huge demand for logistic services. Only creative and inventive managers are able to make quick and efficient decisions, and to mix human and financial resources in optimal way, putting all logistic company resources at disposal to possibilities on logistic services market. Human resources are foundation to new and non-conventional way of thinking and decision making by which strategic goal of logistic company can be achieved by increasing the level of logistic services and by lowering costs at the same time. This rule, supported by financial resources of the company, are the most important pre-conditions for logistic operators success on the logistic services market. Human resources must be satisfying from quantitative and qualitative aspect, and they should be efficiently focused on production of competitive advantages. INTELLECTUAL CAPITAL CREATOR AND BASIC ELEMENT OF LOGISTIC MODEL Logistic systems (macro and micro stochastic models) give many possibilities to create competitive advantage, and to achieve higher level of efficiency in managing inter and intra logistic activities of logistic and other business systems by quantitative analysis. Main goal of constructing the logistic model is to enable better understanding, faster realisation, to increase real logistic flows security, quality and control. Among great number of factors and inter relations that determine inter and intra logistic activities, it is very important to define factors whose functioning is fundamental for efficient functioning of logistic and other business enterprises. Logistic model (scheme 1) depicts factors that determine efficiency and effectivity of inter and intra logistic activities, especially the factors of logistic services production: intellectual capital (labour force), information technologies (specific form of intellectual capital), logistic companies financial resources, existing infrastructure and suprastructure. Those factors, especially intellectual capital and information technologies, sinergically determine logistic services productions efficacity and effectiveness, because it increases ability of logistic system to efficiently connect numerous logistic factories in field, which means certain functions of business system when we talk about intralogistic flows. According to that, it is undeniable fact that fundamental factors of logistic systems profitability growth are investing in human resources, investing in information technology that helps the personnel who contacts with the users of logistic services, and in information technology that helps realisation of operative tasks, and also investing in infrastructural and suprastructural contents. Infrastructure in logistic model, apart from traffic and economic infrastructure, also considers companys infrastructure (organization structure, quality control system, financial system). Natural environment, that consists of space, time and climate, and social environment that consists of the government, legal system, tradition, culture, customs, habits, philosophy, education, health care system, sport, religion () represent very important factors of logistic services production and logistic models development.  Presented logistic models development is based on internal and external environments requests that determine internal concept of a logistic service, and, according to that, suitable competitive attitude, or reply of logistic company to demands of external and internal environment. Every change in concept affects the users of logistic services. Inputs of the shown logistic model are products, information, and money. Goals of a logistic company are achieved by engaging factors of production, and transformation of money in space and time. This way the users of logistic services increase their benefit by getting certain logistic services (transport, storage) , or entire package of primary and secondary logistic services. Intellectual capital as a creator and basic factor of logistic model is most responsible for removing and neutralising of possible standstills in logistic system and its achieving a certain level of flexibility and adaptability, to increase the positive difference between external value of a logistic service and internal concept of its value. As the flexibility and adaptability of logistic company can be estimated by companys ability to adjust to internal and external environment, it means that flexibility and adaptability represent competitive advantages of logistic companies produced by intellectual capital. Flexibility and adaptability help creating certain external value of logistic services, equally from logistic companys and its clients point of view. MATHEMATICAL MODEL IN FUNCTION OF MEASURING LOGISTIC CAMPANIES INTELLECTUAL CAPITAL Skandia Group, a Swedish company that offers financial services and is worth 18 billion dollars, is often praised for its invention of a concept of measuring intellectual capital. In the beginning of nineties Skandia required measuring of intellectual capital by distinguishing a book value from the market value. The difference between those two values represents the value of invisible assests, which means intellectual capital. Since many companies today have become aware of the meaning and quantity of their own intellectual capital, they are more worried about preserving it than measuring it. Mathematical model in function of measuring the intellectual capital of logistic companies needs to sublime at least 5 categories of invisible assets: data base of loyal customers, image and appeal of primary and helping services of a logistic company, loyal labour force, the culture of offering services inside the logistic company, and the strength of logistic companys management. According to that invisible assets can be presented as sum of different forms of intellectual capital: IC = (Ww,+Lw,+Sw,+It,+Vm)+In, (1) where IC represents total intellectual capital of a company, Sw workers wages, Lw workers loyalty which is measured as a difference in wage between the number of workers that have left the company and new workers; Sw is satisfaction of companys workers estimated as increase/decrease of income as the consequence of increase/decrease of productivity; It information technologies, that are the most valuable assets of logistic companies and include companys information system, business methods which are executed by applying suitable information technologies, and know- how, Vm is the vital minority of users of logistic companys services , that is expressed through analytic bills of certain group of users of logistic companys services; In netto investments, that are calculated as a difference between total investments (in human resources, innovations, suprastructure, equipment, development of software solutions for internal use) and amortization. Netto investments of logistic company In are highlighted in order to emphasise the importance of investing in human resources, with remarque that netto investments, as a difference between logistic companys total investments and amortization, depicts dynamics of logistic companys development. When the difference between total investments and amortization is very slight, it can lead to conclusion that logistic system is stagnating, and that intellectual capital is used as a resource in a way that does not cause change in logistic companys development, and total companys income is the same as it was on the beginning of stagnation. Logistic company is in recession when total investments are lower than amortization. If such recession lasts long enough, or if the process of recession is fast enough, total condition of intellectual capital and its development possibilities is worsening, and logistic company is getting closer to bankruptcy. When total investments are higher than amortization, a base is created for increase of total income, quantity and quality of intellectual capital of a logistic company, which means the increase of possibility to put the intellectual capital in function of production and offering the package of logistic services that is superior compared to competitive logistic companies. How successful company is when using intellectual capital and its different forms can be measured by putting those forms in connection to business gain of certain period of time, so that the total coefficient of success of intellectual capital is calculated this way: Cics= BG/IC (2) Cics= coefficient of intellectual capitals success BG - business gain Importance of intellectual capital as a key resource of logistic companies in 21st century must also be observed from the aspect of production, especially because many economists in their works present factors that affect quantity of production. Those factors are: number of labour force, quantity of natural resources that can be used, quantity of capital and the level of development of technical progress. It means that quantity of production output is nothing else but the function of factors of production named above. If we consider function of production Q= F (IC, C) (3) Q is total income of a logistic company, IC is intellectual capital and C is a capital, we will get a rate that is equal to weight sum of growth rate of IC - intellectual capital and (C) capital enlarged by technological progress rate, so gQ = agIC + (1-a) gC+ l (4) is a measure for a relative contribution to economic growth of every input (values are from 0 to 1) according to their relative shares in total income, gQ is growth rate of logistic company s total income, gIC is intellectual capitals growth rate, gC is a capital growth rate and is a rate of technological growth. We must take in consideration the fact that empirical measures have shown that in creation of new products value the fixed assets of a company contributes by 10%, and 40% are material costs. It means that 50 % of a new products value is a result of additional work, which is today mostly intellectual. In service providing activities, such as banking, financial institutions, engineering offices, consulting companies, trading companies, etcthe value of intellectual capital can reach even 90% of a value, so it is reasonable to estimate that the value of logistic companies intellectual capital covers 4/5 of a total companys value, and 1/5 is the value of capital. In every state there are more people employed in service providing activities than those activities contribute to national product, which is a sign that average productivity of work in service providing activities is lower than in other activities. Estimated increase of productivity in service providing activities is 0,5 % yearly, while increase in production is 3,3 %. The growth of total yearly income of logistic company can be expressed in a following way: % Q = 4/5 (%IC growth) + 1/5 (%C growth) + l (5) As l technological progress cannot be measured, it is necessary to present him as the rest, after all other components of output and input are calculated l= % Q growth - 4/5 (% IC growth) - 1/5 (%C growth) (6) This enables a critical overlook on factors of growth in big service providing systems. Average size of service providing companies is mostly small, so logistic as a science and logistic as an activity provides many possibilities concerning logistic operations and tight connection between numerous logistic factories in field. CONCLUSION Logistic services represent a group of sophisticated measures (activities) of intellectual capital owned by mega logistic operators that are helped by infrastructural and suprastructural contents which can, and do not have to be owned by mega logistic operators, modern information technologies which give hard value to logistic services. Regarding to that, analysis and estimation of logistic companys resources related to necessary resources is suitable, not only to achieve certain goals of logistic company, but also to find definite answers to questions such as which logistic services to provide, who will work on that production, where and when. Such analysis contributes to formulation of quantitative and qualitative needs on the field of human potential and enables comparative analysis of existing and needed human resources. As there always is a gap, efficient human resource management requires few factors: human resources recruiting and choosing, education and improvement of human resources, realignmentand surplus of human potential. Presented mathematical model in function of measuring of intellectual capital of logistic companies takes in consideration important categories of invisible assets of a logistic company, and is therefore suitable for representing the value of intellectual capital of a logistic company. Total intellectual capital is of a logistic company is a sum of different forms of intellectual capital: salary of workers, their loyalty, satisfaction, plusinformation technologies, vital minority of users of logistic services and neto investments. REFERENCES [1] Galbraith, J. K.: The Good Society, Houghton Mifflin Company, Boston, 1996. [2] Marshall, A.: Na ela ekonomike, CEKADE, Zagreb, 1987. [3] Levit, T.: Die Macht des kreativen Marketing, ECON-Praxis, Dsseldorf, 1986. [4]  HYPERLINK http://informationweek.com/722 http://informationweek.com/722 19. july 2001. [5] Zelenika, R., i Pupavac D.: Logistics in the Function of Rational Transport Service Production, Promet  Traffico  Traffic, 2001., (being printed). [6] Sunda, D., i Zelenika, R.: Intelektualni kapital  temeljni initelj optimalne proizvodnje prometnih usluga, Hrvatska gospodarska revija, In~enjerski biro, XLVIII, 4, Zagreb, 1999. [7] Samuelson , P. i Nordhaus, W., Economics, 13th edition, McGRAW-HILL BOOK COMPANY, Singapore, 1989. [8] Schultz W. T.: Ulaganje u ljude, Cekade, Zagreb, 1985. PAGE 1 PAGE 4 <p0F$  H   l*,&,(>+.28l  ,-Zh&'>CHZ[} 5CJmH  5CJmHCJmH  5CJmH CJmH5CJCJmHCJ5CJ5CJ5CJ H*mH 5CJ mHL<p.0  + H   l*,$$$$$<p.0  + H   l*,RS+{"|"""%V'))½}zwtq&]  I!  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