A group of experts who are regarded as leading personalities in their specific industry makes up an expert network. Expert networks are a link between these knowledgeable professionals & consultants, and the clients who require specific expertise. Experts that are independent consultants provide firms with consultations on particular subjects; or offer a skill set that goes beyond what the company is knowledgeable about.
With the help of experienced advice, organizations can profit from any area of expertise or strategy.
Since there has been a huge increase in the need for consultancies, companies that offer consultants have also expanded quickly. The expert network aggregator marketplace was estimated between US$1.3 and US$1.5 billion in 2020 and is expected to triple in the coming few years.
There are many dominant players in the industry. These expert network providers connect users to top professionals. Although the whole commercial industry now benefits from expert networks, hedge funds were the first to use this service. Additionally, law firms, enterprises, professional service firms, and private equity firms collaborate with expert network companies.
How Does an Expert Network Work?
Expert recruitment for a network involves numerous steps including:
- Locating potential candidates
- Verification of the identified experts
- Creating a database of experts
- Introducing clients to the experts
In the upcoming years, artificial intelligence-driven expert cloud networks are forecasted to take over these responsibilities. Ensuring that keeping a database up-to-date and locating experts in specialized sectors is achieved promptly and effectively.
The unique nature of the sophisticated expertise offered typically results in high fees charged by professionals in these networks. A business can hire an expert in a variety of methods, including on a need-basis, through a short-term or long-term contract, or through a retainer. As an alternative, experts can propose a transaction- or subscription-based pricing model.
The network itself keeps a portion of the fee the client pays as payment for their contribution. The experts may be employed by the expert network, or they may only be hired as consultants or freelancers by the expert network company. There are also independent experts on the market who will set their own prices and are not connected to any expert network company list.
The idea of an expert network is expanding, and in the same way, companies are expanding their service offerings. A business can hire an expert witness to assist with their litigation in addition to gaining access to experts. It can also conduct a survey of hundreds of experts and have the data analyzed to gain actionable insight.
Benefits of Collaborating with An Experts Network
A corporation that collaborates with an expert network will have access to crucial and valuable knowledge that comes from years of experience; and is not otherwise accessible through traditional research or academic theories. This is crucial when evaluating, benchmarking, and testing a future strategy under the supervision of highly skilled experts.
Plus, one is able to hire impartial, independent expertise. The client has the chance to talk about individual scenarios and topics and ask questions about unique problems.
Moreover, by using an expert, the organization may shorten the time it takes from research to implementation, giving them a significant competitive edge.
A Real-Life Example Of An Expert Network
After receiving a project brief from a client Expert Network companies search all over the globe for the best subject matter experts to provide them with the knowledge and insights they require, regardless of how urgent or specialized the request is!
Following the identification of all potentially suitable experts, the client—a consulting firm, hedge fund, etc.—receives an expert network company list that includes the experts who are the best fit for their project. It is entirely up to them (clients) to choose how many and which experts to speak with in order to comprehend market dynamics and receive answers to their questions.
Consider a real-life example where, a few years ago, a major industrial manufacturing firm in Europe sought to understand the global market demand, price, and competitive environment for lithium-ion battery materials utilized in electric vehicle batteries. Prior to sourcing experts and providing their clients with their profiles, the expert network would conduct market research to determine the factors that would make them the most qualified to provide advice on this topic (their industry, location, level of experience, position, and professional background, for example). In order to decipher the trends and market dynamics of the space, the client would choose which of the battery materials and energy storage technologies experts they would like to engage with.
The Bottom Line
Any type of business can use expert network aggregator services. But corporates are looking for specialized experts to help them craft their strategies and business plans. Or find opportunities related to their operations and increase efficiency. Should particularly take advantage of them.