The changing nature of work and collaborative technologies have made it easier for experts with deep industry knowledge and companies needing such experts to connect and transact. What this has given rise to is the inclusion of experts-on-demand in an already thriving gig economy and the potential for the Expert Network industry to accelerate its growth.
Expert networks are not as widely known outside their immediate ecosystem (private equities, hedge funds, consultancies, and large enterprises). They act as intermediaries connecting subject matter experts with deep industry knowledge and clients seeking information and Human insights.
According to an Integrity Research report, the Expert Network Industry has grown over the last eight years. Given the growing demand for experts, it has the potential to become a multi-billion-dollar industry in the near future. What this implies is that more experts can participate in this industry, given the flexibility offered by remote working.
An uptick in M&A activity has led to a rise in the need for consulting industry and domain-specific experts. According to Bain & Company, 2021 data through February suggests that global buyout deal value is 60% higher than the average of the first two months for the past five years. What this means is that distressed assets and smaller businesses with good business prospects have been devalued due to the pandemic presenting great buyout opportunities for PEs.
The widespread nature of such M&A activity is likely to drive demand for deep industry expertise and domain knowledge provided by experts who are part of the Expert Network Industry. Shorter micro-consultations will also become mainstream due to the huge demand-side shock exacerbated by the pandemic.
A by-product of this increased demand is the intense competition as well as a drive to optimize productivity among the expert networks themselves. Interestingly, this increased demand has coincided with the increased prevalence of remote working across several industries.
All these factors have led to renewed demand for expert networks and helped to boost the growth of the Expert Network industry. It has also led to the growth of networks of experts belonging to similar industrial domains. As a result, experienced professionals who have valuable knowledge of their respective industries have taken this opportunity to align themselves with domain-specific expert networks.
Experts have now shifted to shorter and more effective interactions due to several of the factors discussed. And with the increasing influence of these factors, micro-consulting by leveraging advanced communication technologies will become the new normal for the expert network industry.
The application of advanced technologies such as artificial intelligence and machine learning has become an integral part of the Expert Network industry, helping companies to leverage expert networks more efficiently on databases such as LinkedIn.
Indeed, there’s never been a better time than now to be a part of the Expert Network Industry. As working from home or anywhere becomes mainstream, more domain experts will join expert networks and monetize their experience and knowledge as a result of the advantages of remote working.
Consverge partners with industry-leading Expert Networks and Research providers. Our carefully engineered combination of white glove service and technology aims to deliver the best customer experience possible, allowing clients to quickly access a global pool of curated experts.
If you are an expert who is keen to join this thriving industry, send us an email and we’ll be pleased to connect you with one of our partner Expert Networks.
If you are a Private Equity, Hedge Fund, consulting firm, or corporation in need of experts, we must talk.