In order to be aware of the latest activities in a specific market, organizations can get in touch with Expert Networks. They are important since they can offer the expertise that can help companies to gain valuable insights beyond their own research capabilities.
Companies pay for the services of an Expert Networks to gain access to specialized and often exclusive information that would otherwise be impossible to obtain. Moreover, this process simplifies and speeds up an organization’s research process and thus offers a competitive advantage.
This Q&A will answer questions regarding the importance of Expert Networks:
Are Expert Networks helpful to any company out there?
When evaluating the importance of Expert Networks, consider the fact that whenever you need up-to-date information on an industry, research associates are always there to search for the most suitable subject matter experts who will be able to answer all of your questions.
Who are the main clients of Expert Networks and why?
Although various clients make use of Expert Network services, there are certain customers who are the main types:
- Private equity firms investigating an investment opportunity
- Consulting firms wishing to gain knowledge of a new business, customers, or product to provide genuine and realistic solutions to clients
- Investment firms such as hedge funds seeking to gain knowledge about new markets where there are opportunities for investment
- Entrepreneurs looking ahead by studying a particular market
- Academic researchers wishing to carry out qualitative studies or to work as advisors
- IT consulting companies searching for skilled specialists when working on a new tech product.
How do Expert Networks find and engage experts?
Each Expert Network has its own service strategy but at the same time each one follows the fundamental business model that involves finding experts using internal and external databases as well as online resources such as LinkedIn.
All the work is carried out by research associates who are occasionally assisted by tech colleagues to boost the speed of the expert search and onboarding process.
Check out what RightAngle has to offer in our article: RightAngle services – thinking beyond the customary approach.
Can I be an expert? How do I become an expert?
Subject matter experts are specialists in a particular process, function or technology or all three areas. They are seen as an authority on a specific issue since they not only possess the necessary knowledge but can also share their expertise with others.
Expert Networks will be able to find you and connect you with the companies that can benefit from your knowledge but only if you make yourself visible online.
For instance, you can create or update your professional networking profile on one or several social networks such as LinkedIn:
- Add a detailed explanation of your accomplishments
- State your experience
- Include mentions of brands and keywords
* But remember not to disclose any information that is sensitive
For detailed information, check out our article: Why and how to become a member of an Expert Network – short guide
How can Expert Networks save an organization time and money?
Companies obtain valuable information from experts, paying only for the material that is required, with no time wasted on training or on investigating a field or market they know very little about.
With the help of professional Expert Networks such as RightAngle, organizations may find just the right (and verified) person with the knowledge and credentials that are clearly visible.
There is no need to hire and train in-house experts – all the necessary high-quality specialists are found by the research associates working with Expert Networks.
Can I trust Expert Networks?
When carrying out interviews or hiring experts, every expert network follows strict compliance rules and this has been one of their top priorities for many years.
Because knowledge represents an extremely valuable and yet intangible asset, expert networks ensure that all possible risks are avoided which is why they are driven by their strict compliance with legal frameworks and are totally transparent.
For more information check out our article: Internal compliance rules help minimize risks when Interviewing an expert
Are Expert Networks popular? Why?
Although the expert network industry may seem somewhat new, for the past decade it has registered a massive increase in popularity. Over the last three years, the industry’s market size has registered constant growth, from US$1.3 billion in 2019 to a preliminary figure of US$1.9 billion in 2021.
Consider also the fact that customers in this industry are changing and growing. Although hedge funds were originally the main users of Expert Network services, today the client base includes private equities, banks and consulting firms among many others.
- For more about the industry’s growth, check out our article: Expert Network Industry 2021: Growth or Decline?
- For more about the main clients of Expert Networks, check out our article: Private equities and consultants are the main users of Expert Networks. Who else?
Final word
The COVID-19 pandemic has increased society’s willingness to switch to remote working. This has led to people and organizations being more technologically aware as well as more open to new methods of working and conducting business.
- According to Microsoft, the crisis accelerated digital change by two years in just two months.
The whole situation with coronavirus has reawakened our dependence on expert-driven information.
Today, in the post-COVID era, enterprises that can wisely utilize the insights gained from subject matter experts have more opportunities to thrive leading to the importance of Expert Networks growing significantly. If you need to get in touch with specific experts, contact RightAngle – we’re always here to help you.
Suggested reading:
Why do consultants use Expert Networks?
RightAngle services – thinking beyond the customary approach
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