TABLE OF CONTENTS Professional service firms can add value to clients through performing black-box services, providing information, and enhancing clients decision-making and business capabilities. Information now plays a central role in the global economy, however, information only creates value for clients when it is applied.
The essential distinction between information and knowledge is that information can be digitized, while knowledge is intrinsic to people. Knowledge can be transferred either directly between people through socialization, or indirectly by delivering information which people can internalize as their personal knowledge. Both means of transferring knowledge are fundamental to professional services, and while direct interpersonal contact is critical for rich knowledge sharing and relationship development, the dynamics of technology and markets mean that information is playing an increasingly dominant role in shaping the world of business. In this chapter, we examine the dynamics of adding value to information in serving professional service clients.
Probably the best way of understanding the nature of information is that it is something which is or can be digitized. [1] The digitization of information allows it to be stored indefinitely, duplicated at will, communicated almost instantly anywhere in the world, analyzed and compared with other information, and accessed easily from vast databases. These are fabulous benefits, which leads to a...
