Information Brokers

An interest in the Internet and computer skills are important to success as an independent information broker, but this specialist needs to understand much more than just search engines. Information brokers need to master Dialog, Lexis/Nexis, and other information databases. They also have to compile information by using computers and conducting personal interviews. If you think this sounds like the work of a private eye, you are not far off; as a matter of fact, some information brokers have worked as private investigators. Many companies now have access to huge sets of data, also known as Big Data, which professionals must be able to analyze using relevant software.

Many research projects, however, are marketing-based. Suppose a company wants to embark on a new, risky venture—maybe a fruit distribution company wants to make figs as popular as apples and oranges. First, the company's leaders might want to know some basic information about fig consumption. How many people have even eaten a fig? What articles about figs have been published in national magazines? What are the recent annual sales of figs, Fig Newtons, and other fig-based treats? What popular recipes include figs? The company hires consultants, marketing experts, and researchers to gather all this information.

Each researcher has his or her own approach to accomplishing tasks, but every researcher must first get to know the subject. A researcher who specializes in retail and distribution might already be familiar with the trade associations, publications, and other sources of industry information. Another researcher might have to learn as much as possible, as quickly as possible, about the lingo and organizations involved with the fruit distribution industry. This includes using the Internet's basic search engines to get a sense of what kind of information is available. The researcher then uses a database service, such as the Dialog system, which makes available billions of pages of text and images, including complete newspaper and magazine articles, wire service stories, and company profiles. Because database services often charge the user for the time spent searching or documents viewed, online researchers must know all the various tips and commands for efficient searching. Once the search is complete, and they've downloaded the information needed, online researchers must prepare the information for the company. They may be expected to make a presentation to the company or write a complete report that includes pie graphs, charts, and other illustrations to accompany the text.

The legal profession hires information brokers to search cases, statutes, and other sources of law; update law library collections; and locate data to support cases, such as finding expert witnesses, or researching the history of the development of a defective product that caused personal injury. The health care industry needs information brokers to gather information on drugs, treatments, devices, illnesses, or clinical trials. An information broker who specializes in public records researches personal records (such as birth, death, marriage, adoption, and criminal records), corporations, and property ownership. Other industries that rely on information brokers include banking and finance, government and public policy, and science and technology.

There are seven primary tasks or duties that an information broker may be asked or required to perform, according to the Association of Independent Information Professionals: business research and analysis; market and industry research and analysis; subject matter research; information/knowledge management; writing, editing, and document creation; training and advisory services; library setup and maintenance.

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