An expert network is a platform that hosts a number of specialists who are rewarded for their specialized knowledge. Any third party is free to hire these specialists and benefit from quality consulting services or gain knowledge that falls outside the range that they currently have access to. The IT and investment industries are those with the highest demand for expert networks and companies frequently utilize these with the goal of gaining a competitive advantage.
Expert networks can be described as a group of subject matter experts who companies hire when they require a high-level opinion on a specific topic.
Expert networks appeared on the market as a result of the high demand for specialized skill sets that many companies require from time to time when their in-house teams lack knowledge in certain fields.
How Does the Model Work?
Companies hire available specialists through an expert network in exchange for a specific fee and this can be for long or short-term contracts. Although there’s no single approach to use when engaging with an expert network, there are a number of common elements:
1. The company recognizes that there’s a need to refer to specific experts.
2. The company’s representatives then create a list that may include the job title and location of the job and will also outline the questions the client has.
3. This list is then released to 2-3 expert networks.
4. The network examines the set of requirements and searches for experts who can deliver exactly what the company is looking for.
As soon as a company selects the experts they want to talk to, there are several ways to connect through the expert network:
1. The simplest and least time-consuming method would be a direct phone conversation or video conference
2. A quantitative study that involves the use of surveys. Simply put, the expert network gathers data from a myriad of specialists through a survey and provides the final results to the company.
3. A review and evaluation of the company’s data whereby experts study this and offer feedback.
4. Focus groups that comprise a number of experts who share information via an advisory board.
The expert network charges a percentage of the fee that the customer pays to the expert in return for their input. The experts may be employed directly by the expert network or the specialists may operate as a contractor or freelancer within the network.
It is also worth mentioning that independent specialists who have no connection to an expert network are also available and these experts are free to establish their own rates.
In today’s digital world and extremely competitive environment, companies must obtain all the data they need in order to operate efficiently and stay ahead of the competition. Because the invaluable data provided by experts can form the foundation of any industry, it is important for companies to utilize expert networks.
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