Here's an interesting quote from Canada's national library, Library and Archives Canada (LAC), on the future of cataloguing and metadata:
Library and Archives Canada continues to value and support the cataloguing function and those who perform it, as it does all others in the field of librarianship. At the same time, we do recognize that the approach to all facets of our work is changing in light of new technologies. For example, in the case of digital publications, new workflows are being developed that may result in acquisitions and cataloguing functions sometimes occurring simultaneously. As well, we are interested in finding new paradigms for supporting the catalogue function, such as incorporation of metadata supplied by publishers or others. These new methods clearly do not negate the need for cataloguing, but in fact support and reinforce the ongoing need for effective description of documents for access. It is my belief that the pressing need to organize the mass of information on the web will see cataloguing taking on even greater importance and this skill set will indeed be in high demand.
You might also want to read/watch this LAC PowerPoint presentation, The Future of Accessing Government Information: Programs and Partnerships [ppt].
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