This approach will have both its limitations and advantages. The virtue is that information science is by nature and origin multidisciplinary and it has significant bearing from diverse subjects, as diverse as economics, sociology, philosophy and computer science. In most of the research exploring implications of knowledge on socio-economic development, I have seen that existing research is heavily draws from sociology, economics and more recently, management (information systems). Knowledge management as a concept from library science point of view is often perceived as a 'practice' rather than a theoretical approach to the notion of knowledge (by J. C. Thomas, W. A. Kellogg, and T. Erickson. The knowledge management puzzle: Human and social factors in knowledge management. Online:
http://www.research.ibm.com/journal/sj/404/thomas.html).
The significance of this notion is that information professionals are viewed as people responsible for practicing of processes (as in cataloging, classification of knowledge records). My submission is that this notion is in a way hindrance for maintaining a status quo as an academic discipline vis-a-vis with other science or social science subjects. Perhaps this explains why many information architecture are developed and managed without consultations with information science professionals. As you are aware, information systems are now developed, at least in the West with close involvement of people with IT as well as psychology, behavioral science and arts backgrounds. It would be very critical for information professionals in coming days to gain and deliver this strength and skill of problem analysis, solving and delivering in design and development of domain specific information systems.
Involvement of LIS professionals in system design and development is as important as their involvement in the management of such systems. If your organisation designs and develops such a search engine for Employment News (
http://www.employmentnews.gov.in/search_job.html?id=152), that does not allow me to search jobs by ministry and department, I am not able to fulfill my customer's query and this in return takes the good old library another step away from its customers.
Coming back to the question of skills and knowledge that enables LIS professionals to be able to provide leadership in this 'information domain', the approach will vary from person to person. I can not see a 'one size fit for all' solution for all the LIS students. At times, they will be required to undergo further education and training in during their career in their business domains. The concept of dual degree like US and European universities can also be adopted by universities.