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Fee-based information services as an aid to information management
International Journal of Information Management (19881, 8 (289-290)
Short Report Fee-Based Information
Services as an Aid to Information
M. BRITTIN University of Warwick Business Coventry” Cc4
7AL,
hforrnaiion
external
University of Warwick Library,
information
companies have a library or central information service whose function is to identify information of actual and potential interest to the organization, to acquire that information and to organize it and disseminate it to end users. This material can be in hard copy form or provided by accessing external databases (in reality it is likely to be a combination of both). An alternative - or more usually a complement to this - is to buy in the information from outside when it is needed. There are a growing number of fee-based information services or information brokers who will provide this kind of service. Some of these services are relatively large and well established; others are run by individuals who act as information brokers. A review of some of these services has recently been published in Busim.5~ ~i~format~onRevieW. ’ Using a commercial information service as a source for external information provision has a number of advantages in the context of information management strategy. Amongst the advantages are the following:
0289-02
$03.00 0
2.
3.
4.
5.
6.
Provides access to a far wider range of information than can be provided in-house. Cost savings - less need to buy material which is used infrequently. Time savings. Releases company personnel from time spent tracking down information and can relieve workload pressures at peak times. Access to expertise. Staff of services have high level of expertise and very good knowledge of information sources in their particular areas. Allows the in-house information service to concentrate on major areas by using brokers to ‘topup’. Additional access to online sources. Can use brokers to access infrequently used databases and brokers can often qualify for discounts because of heavy usage.
Many of the fee-based information services have developed their own areas of specialism and some comExternal in formation e.g.
e.g. Personnel Financial
Information
information
Industry sales industry consumption Competitors
e.g. Economic trends Social trends Technological trends Political trends
which
need can be provided in two basic ways - it can be bought in on a regular basis in advance of need or bought in when required. Many
1.
tntemol information
companies
0268-4012/88/04
Gibbet Hi0 Road,
UK.
Rather belatedly. information is being recognized as a valuable and costly resource by a growing number of organizations. Information management is about the exploitation of information resources both inside and outside the organization and their integration within the organization. Both internal and external information are vital to the success of the business although the contribution of internal information is probably more often acknowledged than that of external information. The close connection and integration of these kinds of information is represented in Figure 1. Internal information is generated as a result of the operational activities of the organization and relates to areas such as resources, products, services and performance. External j~f~rrnatif?~zis more wide ranging in scope and can be considered on two levels. Most companies of any size gather information on the markets in which they operate and their competitors in those markets. But just as essential for corporate strategy is information on the environment in which those markets operate. No company exists in isolation - it needs to have an awareness of the economic conditions and climate in which it is operating and it also needs an appreciation of broad demographjc and social trends that affect consumer demand and taste. For example, the increase in the number of people living on their own and the growing trend to longevity have implications for a wide range of companies producing consumer goods. The
Service,
Management
Figure 1
1988 Butterworth
& Co (Publishers)
Ltd
289
Fee-based
information
services
panies use more that one service for this reason. However, the services do have various features in common. Practically all of them are based on the principle of charging their clients for the time spent answering their enquiries and providing the appropriate information. All of them offer a subscription service but most of them will undertake work for occasional users. The services have usually developed from an existing collection of material which has been brought together for another purpose and only later been opened up for commercial exploitation. Some services are based on commercial or public organizations (e.g., Financial Times, BBC) and some on academic institutions (e.g., London Business School, Hertis). Amongst the latter the University of Warwick Business Information Service is one of the oldest established fee-based services. Set up in 1972, it provides a comprehensive range of business information to its clients. Its particular strength is statistical and market information, although it has a wide range of other business information such as company data. It is based in the University Library and uses as its major resource an extensive collection of statistical publications which is one of the biggest in the UK. Amongst the resources it offers are the following: 1.
2. 3.
4.
290
Official statistics from most countries of the developed and developing world. International statistics from bodies such as OECD and IMF. Non-official statistics from organizations such as trade associations, banks and local authorities. Market research reports.
Company information (directories, company reports) for UK and overseas companies. Specialist books and periodicals. Access to a number of online databases. Access to a network of external contacts in other organizations, libraries and information services. From these resources information on: 1. 2. 3. 4. 5. 6.
it provides
Production trends and market structure. International trade and import and export trends. Business conditions. Competitors. Companies. Consumer and social trends.
Clients of the service who are mainly medium-sized or large companies from all areas of business (manufacturing, retailing, financial and service sector, consultancies) have a diverse range of business information needs. Examples of recent enquiries include: 1. 2. 3.
4. 5.
Market for building products in 12 European countries. Market for steel drums in the Far East. Number of working women with children and divorced women with children in the UK. Information on German software companies. GDP and GNP for Taiwan.
In most cases clients have a subscription to the service which allows them ten hours’ enquiry time for ad hoc enquiries. However the Service is increasingly being asked to provide
information on a more regular basis and to provide a package which can satisfy more of an individual client’s information needs. So, for example, regular monitoring of a market of particular interest to a client can be undertaken. In common with other, well established services the Business Information Service has diversified from its original activity of providing an enquiry service. Other areas it is involved in include the following: Seminars (run 2-3 times a year on business information topics such as statistical databanks). Publications (regular newsletter and occasional reviews and directories). The best known of these is its guide to non-official of which the second statistics,2 edition is in preparation. Project work either for individual clients or for public bodies (e.g., British Library, European Community). Consultancy (e.g., advising on setting up company libraries, etc), Through the services it offers, the University of Warwick Business Information Service makes a significant contribution to information management in its client organizations. Further details of the service are available from Margaret Brittin.
'MCGROTHER, c. (1988). Paying for business information: A survey of fee-based services. Business Information Review, 4, (No. 4), pp. >15. 'MORT, D. and SIDDALL,L. (1985). Sources of unofficial UK statistics. London: Cower.
Short Report Fee-Based Information
Services as an Aid to Information
M. BRITTIN University of Warwick Business Coventry” Cc4
7AL,
hforrnaiion
external
University of Warwick Library,
information
companies have a library or central information service whose function is to identify information of actual and potential interest to the organization, to acquire that information and to organize it and disseminate it to end users. This material can be in hard copy form or provided by accessing external databases (in reality it is likely to be a combination of both). An alternative - or more usually a complement to this - is to buy in the information from outside when it is needed. There are a growing number of fee-based information services or information brokers who will provide this kind of service. Some of these services are relatively large and well established; others are run by individuals who act as information brokers. A review of some of these services has recently been published in Busim.5~ ~i~format~onRevieW. ’ Using a commercial information service as a source for external information provision has a number of advantages in the context of information management strategy. Amongst the advantages are the following:
0289-02
$03.00 0
2.
3.
4.
5.
6.
Provides access to a far wider range of information than can be provided in-house. Cost savings - less need to buy material which is used infrequently. Time savings. Releases company personnel from time spent tracking down information and can relieve workload pressures at peak times. Access to expertise. Staff of services have high level of expertise and very good knowledge of information sources in their particular areas. Allows the in-house information service to concentrate on major areas by using brokers to ‘topup’. Additional access to online sources. Can use brokers to access infrequently used databases and brokers can often qualify for discounts because of heavy usage.
Many of the fee-based information services have developed their own areas of specialism and some comExternal in formation e.g.
e.g. Personnel Financial
Information
information
Industry sales industry consumption Competitors
e.g. Economic trends Social trends Technological trends Political trends
which
need can be provided in two basic ways - it can be bought in on a regular basis in advance of need or bought in when required. Many
1.
tntemol information
companies
0268-4012/88/04
Gibbet Hi0 Road,
UK.
Rather belatedly. information is being recognized as a valuable and costly resource by a growing number of organizations. Information management is about the exploitation of information resources both inside and outside the organization and their integration within the organization. Both internal and external information are vital to the success of the business although the contribution of internal information is probably more often acknowledged than that of external information. The close connection and integration of these kinds of information is represented in Figure 1. Internal information is generated as a result of the operational activities of the organization and relates to areas such as resources, products, services and performance. External j~f~rrnatif?~zis more wide ranging in scope and can be considered on two levels. Most companies of any size gather information on the markets in which they operate and their competitors in those markets. But just as essential for corporate strategy is information on the environment in which those markets operate. No company exists in isolation - it needs to have an awareness of the economic conditions and climate in which it is operating and it also needs an appreciation of broad demographjc and social trends that affect consumer demand and taste. For example, the increase in the number of people living on their own and the growing trend to longevity have implications for a wide range of companies producing consumer goods. The
Service,
Management
Figure 1
1988 Butterworth
& Co (Publishers)
Ltd
289
Fee-based
information
services
panies use more that one service for this reason. However, the services do have various features in common. Practically all of them are based on the principle of charging their clients for the time spent answering their enquiries and providing the appropriate information. All of them offer a subscription service but most of them will undertake work for occasional users. The services have usually developed from an existing collection of material which has been brought together for another purpose and only later been opened up for commercial exploitation. Some services are based on commercial or public organizations (e.g., Financial Times, BBC) and some on academic institutions (e.g., London Business School, Hertis). Amongst the latter the University of Warwick Business Information Service is one of the oldest established fee-based services. Set up in 1972, it provides a comprehensive range of business information to its clients. Its particular strength is statistical and market information, although it has a wide range of other business information such as company data. It is based in the University Library and uses as its major resource an extensive collection of statistical publications which is one of the biggest in the UK. Amongst the resources it offers are the following: 1.
2. 3.
4.
290
Official statistics from most countries of the developed and developing world. International statistics from bodies such as OECD and IMF. Non-official statistics from organizations such as trade associations, banks and local authorities. Market research reports.
Company information (directories, company reports) for UK and overseas companies. Specialist books and periodicals. Access to a number of online databases. Access to a network of external contacts in other organizations, libraries and information services. From these resources information on: 1. 2. 3. 4. 5. 6.
it provides
Production trends and market structure. International trade and import and export trends. Business conditions. Competitors. Companies. Consumer and social trends.
Clients of the service who are mainly medium-sized or large companies from all areas of business (manufacturing, retailing, financial and service sector, consultancies) have a diverse range of business information needs. Examples of recent enquiries include: 1. 2. 3.
4. 5.
Market for building products in 12 European countries. Market for steel drums in the Far East. Number of working women with children and divorced women with children in the UK. Information on German software companies. GDP and GNP for Taiwan.
In most cases clients have a subscription to the service which allows them ten hours’ enquiry time for ad hoc enquiries. However the Service is increasingly being asked to provide
information on a more regular basis and to provide a package which can satisfy more of an individual client’s information needs. So, for example, regular monitoring of a market of particular interest to a client can be undertaken. In common with other, well established services the Business Information Service has diversified from its original activity of providing an enquiry service. Other areas it is involved in include the following: Seminars (run 2-3 times a year on business information topics such as statistical databanks). Publications (regular newsletter and occasional reviews and directories). The best known of these is its guide to non-official of which the second statistics,2 edition is in preparation. Project work either for individual clients or for public bodies (e.g., British Library, European Community). Consultancy (e.g., advising on setting up company libraries, etc), Through the services it offers, the University of Warwick Business Information Service makes a significant contribution to information management in its client organizations. Further details of the service are available from Margaret Brittin.
'MCGROTHER, c. (1988). Paying for business information: A survey of fee-based services. Business Information Review, 4, (No. 4), pp. >15. 'MORT, D. and SIDDALL,L. (1985). Sources of unofficial UK statistics. London: Cower.