CLEMONS is Professor of Operations and Information Management at The Wharton School of the University of Pennsylvania. His research and teaching interests include strategic information systems, the use of information systems in international securities markets and financial services firms, the impact of systems on the distribution of consumer packaged goods and on retail services, and the impact of information technology on procurement and the nature of interfirm markets for intermediate goods and services. He specializes both in assessing the competitive implications of information technology and in managing the risk of large-scale implementation efforts. Dr. Clemons is also Project Director for the Reginald H. Jones Center's Sponsored Research Project on Infonnation: Industry Structure and Competitive Strategy and senior fellow at the Wharton Financial Institutions Center.