The Value of Choosing the Right Expert Network

  • Anuj Saxena


<p><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/HowtoApproachanExpertNetworkOption02.jpg" alt="" width="1024" height="512" /></p><p>Competition, geopolitical changes, digital transformation, ever-changing regulatory landscapes, and most importantly, evolving consumer behavior and expectations are all key factors that dictate business growth. It is therefore imperative for organizations to make well-informed and efficient decisions based on relevant information, to fuel their strategy and growth.&nbsp;</p><p>So, in this technology-driven environment, where information gets outdated very quickly, how do businesses gain the required information, insights, or expertise to succeed and be ahead of the competition?</p><p>The answer is <strong>Expert Networks</strong> that find, approach, shortlist, vet, and connect businesses with the right experts without wasting time. It&rsquo;s a win-win for organizations as they get access to the most relevant insights, expertise, and quick turnarounds with minimal involvement.</p><h2><span style="font-size: 14pt;"><strong>Consider This Scenario: </strong></span></h2><p>A Global Think Tank based in Asia required relevant expert insights on the strategic planning for consumer discretionary automobile goods and components in the Asian market and globally. The specifics ranged from product strategy, platform strategy, and R&amp;D&nbsp;from Japanese, German, and American OEMs that dominate the global automobile market.</p><p>The Global Think Tank firm hired subject matter experts through Knowledge Ridge for <a href="https://www.knowledgeridge.com/c/CaseStudiesDetails/6" target="_blank" rel="noopener">first-hand insights</a> into the competitive marketplace and strategic analysis in this space. The experts were curated from senior global professionals with relevant automobile components and&nbsp;OEM experience.&nbsp;</p><p>In addition to the case study, here&rsquo;s <a href="https://www.knowledgeridge.com/c/ExpertsViewsDetails/539" target="_blank" rel="noopener">an expert&rsquo;s view on the evolving EV market</a> and the impact of other disruptive innovations in the automotive industry.</p><h2><span style="font-size: 14pt;"><strong>What Is an Expert Network?</strong></span></h2><p>An expert network is a business that connects organizations with industry experts, also known as subject matter experts (SMEs), to provide information to help substantiate a client&rsquo;s hypotheses or solve their business challenges.</p><p class="bbox"><em>Expert Networks connect organizations that </em><a href="https://www.knowledgeridge.com/Knowledge-Ridge-Contact" target="_blank" rel="noopener"><em>seek specific expertise</em></a><em> with experts who possess it. These experts provide relevant information and help the organization use that information to develop strategies. </em></p><p>Investment management firms, professional service firms (PSFs), and corporations use expert networks to find subject matter experts and facilitate sharing of information between the SME and the client.</p><p>Expert Networks:</p><ul><li>Save the client&rsquo;s human hours by finding relevant experts specific to the client's project requirements through in-depth customized research</li><li>Conduct a meticulous phone vetting process for SMEs based on project requirements</li><li>Provide a quick turnaround time (TAT)</li></ul><h2><span style="font-size: 14pt;"><strong>How Do Expert Networks Work?</strong></span></h2><p>Expert networks emerged as a result of the high demand for the specialized set of skills that some businesses require to enhance their research, fill in their knowledge gaps, and help steer quick decision-making.</p><p>To initiate the process of finding a relevant SME, the expert network asks the client to compile a list of the criteria or the project requirements the subject matter expert must meet. The expert network uses this information to search and vet SMEs who match the client's specifications.</p><p>&nbsp;</p><p style="text-align: justify;"><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/HowtoApproachanExpertNetworkOption01.jpg" alt="" width="1024" height="512" /></p><p>For the most timely and actionable intelligence, the client can choose their preferred method of communication with experts:</p><ul><li>They can speak with relevant experts one-on-one or through multi-participant phone consultations.</li><li>They could use targeted or custom surveys, in which an expert panel provides tailored answers to key questions to help speed up decision-making at a fraction of the cost.</li><li>They can consult with experts for longer-term assignments, project deliverables, reports, or workshops.</li></ul><p>Expert networks have two fee models - subscription-based and pay-as-you-go. In a subscription-based fee model, firms get value-added services and regular access to the experts for a pre-determined flat fee. In the pay-as-you-go fee model, expert networks charge their client per interaction. The duration of engagement can be a fixed-term contract or on a service-as-needed basis.</p><h2><span style="font-size: 14pt;"><strong>Choosing the Right Expert Network</strong></span></h2><p>Irrespective of the industry, it is vital to identify the best-suited Expert Network firm for you. Choosing the right Expert Network can be tricky, especially if it is going to be a long-term engagement. But how do you locate expert consultants for specific knowledge bases or skill sets?</p><p>It helps to ask yourself a few questions before you decide:</p><ol><li>Do they have relevant experts who have been specially vetted for your project needs, resulting in a successful engagement?</li><li>Are their experts rooted in the subject or industry to ensure knowledge transfer is actionable?</li><li>Do they have a competitive pricing strategy in place?</li><li>Do they have a high hit rate (experts sent vs. engaged)?</li><li>Do they have a quick turnaround time to provide timely insights when needed?</li><li>What are the areas of support you seek from the Expert Network?</li></ol><p>You must ensure that the expert network being considered has a <a href="https://www.knowledgeridge.com/Expert-Network-Compliance" target="_blank" rel="noopener">solid compliance framework</a> that can be tailored to your specific requirements.</p><p class="bbox"><em>The expert network firm you choose&nbsp;should be able to assist you in filling a knowledge gap, providing an overview of a market or region, and validating existing data gathered through primary and secondary research. </em></p><p>The expert network firm you select should provide you with access to the relevant data you require, whether it is global, regional, or industry-specific.</p><h2><span style="font-size: 14pt;"><strong>Accessing Expert Networks</strong></span></h2><p>Time is of the essence in everything we do. Working with an Expert Network is no different. Being easily approachable is key for an Expert Network to establish itself in the market, and the ease of accessibility is one of the most significant aspects organizations should look for before choosing an Expert Network.</p><h2><span style="font-size: 14pt;"><strong>The Knowledge Ridge Advantage</strong></span></h2><p class="bbox"><em>Our hit rate (Experts sent vs. engaged) is 64%, courtesy of our meticulous phone vetting process. Our success rate (experts engaged) is 98% and climbing, and 98% of our clients return to us with new projects.</em></p><p>Knowledge Ridge is a one-stop shop for organizations seeking industry-specific knowledge that can be used to streamline processes, accurately project business outcomes, and drive strategic transformations.</p><p>Knowledge Ridge has a robust network that makes experts easily accessible. Our presence in APAC, EMEA, and the Americas, experts in 80+ countries across 158 sub-industries, and local language capabilities make it easier for organizations to approach us.</p><p>At Knowledge Ridge, we constantly evolve and offer services based on our client&rsquo;s precise and explicit needs. Our experts possess the relevant industry know-how to conduct due diligence, market research, competitor analysis, surveys, and more to help develop business strategies aimed at growth and success.</p><p>Rigorously screened via an in-depth phone interview process, our on-demand and in-demand vetted subject matter experts assist businesses with tasks such as developing a business strategy, conducting market research and establishing thought leadership.</p><p>Our competitive advantage is a trusted combination of relevance, turnaround, cost structure, value-added services, high customization, effective curation, and rigorous compliance.</p><p>Contact us today to <a href="https://www.knowledgeridge.com/Knowledge-Ridge-Contact" target="_blank" rel="noopener">connect with seasoned and professional experts</a> who can help your company reach its full potential.</p><p>&nbsp;</p><h3><span style="font-size: 18pt;"><strong>Frequently Asked Questions:</strong></span></h3><h2><span style="font-size: 14pt;">How do I find industry experts?</span></h2><p>You can find industry experts through an expert network. Expert Network firms provide custom-vetted subject matter experts (SMEs) with the highly specialized expertise of a subject, industry, technology, or vertical. Expert networks connect organizations or individuals needing specific knowledge with experts who have it. These experts assist you in locating relevant information and utilizing that information to develop strategies.</p><h2><span style="font-size: 14pt;">How do I choose an Expert Network for my requirements?</span></h2><p>You can choose an expert network based on a few factors like:</p><p style="padding-left: 40px;"><strong>Project requirements</strong></p><p style="padding-left: 40px;">Your project's scope will determine which type of expert network is best for you. If you are looking for a longer-term commitment and require regular insights into a wide range of industries and regions, you should work with an expert network with a global reach.</p><p style="padding-left: 40px;"><strong>Expert network end-to-end support and specialization</strong></p><p style="padding-left: 40px;">If your project necessitates highly specific public information (not proprietary or non-public in nature) from difficult-to-find experts, it may be worthwhile to collaborate with an expert network that has access to a particular industry, country, or region. For instance, projects that pertain to certain local markets need very specific input from the right subject matter experts who understand the local nuances.</p><p style="padding-left: 40px;">When working with an expert network, it is critical to have end-to-end support right from&nbsp;the inception of a project until the required data or information is delivered and you, the client, are satisfied. The expert network should adapt the workflow and research to your evolving requirements.</p><p style="padding-left: 40px;"><strong>Ease of access</strong></p><p style="padding-left: 40px;">The expert network you choose should be solution-focused and have a quick response time. Another factor to consider here is which pricing model suits you best. Is there a minimum subscription amount required by the expert network, or can you "pay as you go"?</p><p style="padding-left: 40px;"><strong>Compliance</strong></p><p style="padding-left: 40px;">The expert network should have a robust compliance framework that can be customized to your specific requirements.</p>