Knowledge Management in Professional Service Firms

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Author(s): Dieter Fink (Edith Cowan University, Australia)and Georg Disterer (Hannover University of Applied Sciences and Arts, Germany)
Copyright: 2008
Pages: 10
Source title: Knowledge Management: Concepts, Methodologies, Tools, and Applications
Source Author(s)/Editor(s): Murray E. Jennex (San Diego State University, USA)
DOI: 10.4018/978-1-59904-933-5.ch153

Keywords: Information Science Reference / Knowledge Management / Library & Information Science

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Abstract

For professional service firms, such as consultants, accountants, lawyers, architects, and engineers, knowledge is a capacity to act. Knowledge can be used to take action and to serve the client. As market pressures increase, so does the demand for securing and exploiting knowledge for the firm. In addition, a shortage of high-potential professional service providers has increased the ‘war for talent’ in which firms compete in employing the most talented professionals. These situations are exacerbated by the decrease in lifelong loyalty, a traditional value within professional groups, and the departure and retirement of professionals, often the most experienced ones.

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