For example, to realize the benefits of its ICT investments, Walmart had to reorganize work assignments, retrain workers, develop new relationships with suppliers, and modify its management systems.
Although investments in intangible capital are (for the most part) not counted as capital investment in the national income and product accounts, they appear to be quantitatively important.5 One recent study estimated that, by the late 1990s, investments in intangible capital by U.S. businesses were as large as investment in traditional, tangible capital (Corrado, Hulten, and Sichel, 2004).