Most of the large economies in the world are already dominated by services. Developed countries are now also becoming information economies; the US is a case in point. The confluence of these trends means that information services are the largest part of the US and other developed economies, with others close behind. This evolution is being accompanied by a revolution: the rapid industrialization of information services. These developments have manifold consequences for the economy as a whole, as well as for productivity, trade, jobs, globalization and competition. At the sector level, many industries are undergoing massive changes in structure. There are also significant implications for management strategies and internal organizational structure for all firms. The Business and Information Technologies (BIT) project at UCLA Anderson is a global effort to track and assess these changes through GNP studies, surveys of business practice, and studies of key industry sectors.