This blog explains how the Expert Network industry is helping businesses unlock human intelligence to make better, more informed decisions.
“Technology has made information abundantly available – but still not ubiquitous. This leads to a very different set of problems for businesses needing to make informed decisions today”
When it comes to true knowledge, nothing can ever replace human intelligence gleaned from the people actually in the know.
The expert network industry was first created almost two decades ago. The size of the market now tops $1.3 billion and the growth rate of in recent years remains 20%+ per annum.
Businesses today have found an ally in the expert network industry where they can take time-to-market decisions faster by simply hiring an external expert. In fact, a Bloomberg article informed that investors today are willing to pay $1300 for expert chats. It has analysed how expert networks, learning from the past, have bolstered companies – and rebuilt their brands, prompting many businesses to temporarily hire field and subject matter experts much more in the last few years.
The Expert network industry has particularly enhanced the experience of sourcing quality investment research. Expert networks are needed by –
The expert network industry is also now finding new customers outside the usual client segments.
Consultancies have historically proven that companies who seek insight from consultants and external experts are some of the fastest-growing in their domain.
The following are the reasons why businesses are relying on expert networks-
Expert networks are usually sought by companies who need a specialised set of knowledge from people who have worked or advised in that vertical. These advisors have first-hand experience with a variety of business situations and therefore possess the necessary skills and knowledge to evaluate a specific sector, market, business, or vertical; or to provide a fresh perspective.
Portfolio managers, hedge fund managers, and investment advisors often need to consult with industry experts from various fields for advice on a specific industry or business. For instance, they may need market analysis of a specific industry, how to procure products, how to function in a particular vertical or how to navigate and comply with trade and other laws.
A hedge fund is interested in buying stock in a pharmaceutical company that has been recently approved by the Food and Drug Administration (FDA) to selling a new diabetes medication. In-house employees are most likely not fully equipped to effectively analyse the true potential market opportunity and risks of such a medication. This firm will therefore hire a subject matter expert from an expert network to analyse the potential of such a medication succeeding and making money in the market. The information may range from whether the medicine is prescribed in certain conditions or regions, its side effects, legal regulations, competitors in the space, through to its potential acceptance after the launch.
With the launch of newer technologies, more laws and compliance regulations are being introduced constantly in different countries. For instance, ‘GDPR‘ (General Data Protection Regulation 2016/679) is a regulation in the European Union concerning data protection and privacy. For businesses to be able to expand globally, a deep understanding of how to comply with this very far-reaching law can often only be provided only by subject matter experts.
Finding the right expert network is indeed a herculean task. There are many ways to find, short-list, and finalise experts, but however when you do it – this takes a lot of time and resources.
A more intelligent way to tap human insights is through expert network aggregation. Consverge, an Expert Network aggregation platform, enables companies to find the highest quality, most relevant experts to speak to, whilst at the same time-saving time and money.
Consverge uses a hybrid business model to provide easy access to one of the largest expert network portfolios in the world. Our carefully engineered combination of human and AI technology aims to deliver the best customer experience possible, allowing clients to quickly access a global pool of curated experts. If you are an investment firm, a consulting firm, or a corporation in need of experts, we must talk.
To learn more, you can register on our platform at https://portal.consverge.com/ or reach us at: firstname.lastname@example.org