This study examined the challenge of recognising the existing intangible assets of an organization and how to utilize them in the strategy work. In addition, the aim of this study was to examine how to recognize especially those intangible assets, which are strategically important to an organization. The study utilized two existing methods which were combined to serve the purpose of this study. The theoretical part of this study was done by using the existing literature related to the subject. The empirical part of the study was accomplished as a case study using observing participation during two workshops as well as a questionnaire which was sent to the participants of the study. This study was not easy to conduct, which was caused by the wide range and migration of segments of the field of knowledge management study. Also the fact, that the participants of the study were not familiar with the concept and subject matter, made the study challenging. Analysis, results and conclusions were based on the findings during the workshops and on the answers received to the questionnaire. The findings were related to the relevant theories. This study indicated that in order to recognize the intangible assets and to be able to combine those with the strategy, one needs the support of functioning tools. And still, even having tools available, it is still very challenging for a person not familiar with the concept to adopt the understanding about how the intangible assets affect the business and ensure the success. There is definite need for further research of the content and management of intangible assets as well as for further development of practical tools for business users.