This is the first intellectual capital monitor to be developed by a government body. The development of the monitor reflects this organisation's recognition of the integral role of people and their knowledge in its future success.

In the history of the modern world there have been three major waves of change—the agricultural, industrial and technological revolutions. In the agricultural era the acquisition of land was the key to success. In the industrial age, it was investment in capital goods. In the current technological, or 'knowledge' era, knowledge has become the most precious resource an individual or an organisation can hold. Alvin Tofler, a philosopher and business writer, calls this era the 'third wave'.

The ability to be creative and innovative, to think and move ahead of others, has become critical to success. Technology has facilitated the delivery of information at unprecedented speed, contributing to the globalisation of markets, automation of industries and an exponential increase in the amount of information generated.

Knowledge has become the currency of our times; the key to survival and success. The shift from an industrially based culture presents significant new challenges to the way that people and organisations think, operate and are managed.