Disclosed is an information management and collaboration system and method for managing information flow in real time. A real time chat communication channel provides a link for users to interact in a customized setting. Users are provided with such customizable features as contextual transcripts, parameterized input and output panels, channel management, contact management and application interaction. The system and method disclosed allows information to be managed in a customized environment based on user preferences. Further, the system and method disclosed provide a highly configurable environment for interaction with other information and collaboration systems, as well as other utility application programs.