Why Do Corporates Need an Expert Network?

<p><img src="https://images.surferseo.art/383c9c99-b1d5-4abd-83d2-afa9abaf8e3d.jpeg" alt="why do corporates need an expert network" /></p><p style="text-align: justify;">Information is wealth &ndash; as the adage goes, knowledge is power.&nbsp;</p><p style="text-align: justify;">Data, the lifeblood of any business, drives critical decisions in the current market. However, in an increasingly evolving and interconnected world, companies find it challenging to gather relevant insights and make strategic decisions.&nbsp;&nbsp;</p><p style="text-align: justify;">With rising global competition, rapid digitization, evolving regulatory norms, and changes in customer behavior, companies struggle to keep up with many factors that affect business. Moreover, to venture into new domains, corporates require risk assessments and detailed research to sharpen key decisions, drive innovation, and make better-informed investments.&nbsp;</p><p style="text-align: justify;">Thus, the need for accurate insights, expert analysis, and deep domain experience arises. While a company may desire all three, it is not always feasible due to a lack of skill, knowledge, or time. This is where an expert network comes into play.&nbsp;</p><p class="bbox" style="text-align: justify;"><em>In an age of artificial intelligence and bots, expert networks fulfill one of the earliest human desires; the need to communicate with someone who possesses niche knowledge on a subject. And as market intelligence becomes increasingly crucial for firms to understand their competitive advantage and growth possibilities,&nbsp;</em><a href="https://knowledgeridge.com/Blog/The-Value-of-Choosing-the-Right-Expert-Network" target="_blank" rel="noopener noreferrer"><em>the value and necessity for expert networks</em></a><em>&nbsp;grow.</em></p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>&nbsp;What Is an Expert Network?</strong></span></h2><p style="text-align: justify;">Expert networks are businesses that curate, vet, and connect organizations with relevant SMEs (Subject Matter Experts). They specialize in ensuring requirement-based knowledge transfer and insights on topics outside the clients' core knowledge. They also help businesses acquire higher expertise that their existing workforce cannot deliver due to a lack of time, skill, or knowledge.&nbsp;&nbsp;</p><p style="text-align: justify;">Expert network firms provide the services of industry leaders to organizations that need consultation, which may be project-specific or based on specialized skill sets.&nbsp;&nbsp;</p><p style="text-align: justify;">An expert network platform connects organizations or private entities to specialists such as academicians, C-suites, business leaders, and industry experts. These experts are compensated for their research services or insights while adhering to all&nbsp;<a href="https://knowledgeridge.com/Expert-Network-Compliance" target="_blank" rel="noopener noreferrer">compliance and regulatory norms</a>.&nbsp;&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>How Does an Expert Network Firm Work?&nbsp;</strong></span></h2><p style="text-align: justify;">An expert network firm engages experts from various fields who are compensated for their expertise. The specialists are involved in short-term, long-term, or need-based contracts with the expert network firm.&nbsp;&nbsp;</p><p style="text-align: justify;">An expert network firm vets experts based on client needs. Depending on the topic, regional focus, and nuances of the client's requirement, the expert network charges their clients a subscription fee or a pay-per-use model. In a subscription model, companies are charged a flat fee for regular access to expert knowledge, while in a pay-per-use model, clients pay for each engagement with the subject matter expert based on the sensitivity and value of the knowledge required.&nbsp;&nbsp;</p><p style="text-align: justify;">Expert network firms offer&nbsp;<a href="https://knowledgeridge.com/expert-network-services/expert-calls" target="_blank" rel="noopener noreferrer">one-on-one consultations through phone calls</a>&nbsp;or in-person meetings for perspectives on existing or potential business decisions.&nbsp;<a href="https://knowledgeridge.com/Expert-Network-Services" target="_blank" rel="noopener noreferrer">The services provided by a global expert network firm</a>&nbsp;include:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li>Phone consultations</li><li>In-person meetings</li><li>Business research</li><li>Surveys with expert panels</li><li>Term engagements</li><li>Workshops conducted by experts</li><li>Field visits</li><li>Technical input</li><li>Executive and board placements</li></ul></li></ul><p style="text-align: justify;">In some cases, clients need to speak with&nbsp;<a href="https://knowledgeridge.com/Knowledge-Ridge-Experts-Views" target="_blank" rel="noopener noreferrer">SMEs who can provide a global overview of their area of expertise</a>, while in other cases, they require in-depth local knowledge.&nbsp;&nbsp;</p><p style="text-align: justify;">A global expert network firm will curate their research to specific client requirements and provide access to relevant SMEs who are meticulously vetted to share valuable insights on various sectors across the globe, such as energy, finance, consumer discretionary, health care, IT, communication, real estate, utilities, materials, industrials, consumer staples, among others.&nbsp;&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Why Do Corporates Need an Expert Network?&nbsp;</strong></span></h2><p style="text-align: justify;">Time is of great importance as competition grows and the market becomes dynamic. In such a scenario, it can be difficult for managers to understand the industry's nuances and make decisions. Often the workforce may not have the skills or qualifications to conduct deep domain analysis and gain insights. Hence, they need an expert network to gain instant access to relevant, up-to-date, and actionable insights/knowledge.&nbsp;&nbsp;</p><p style="text-align: justify;">Gleaning information from secondary research reports is time-consuming for corporations, and even then, such analysis may not provide the answers a company is looking for.&nbsp;&nbsp;</p><p class="bbox" style="text-align: justify;"><em>Expert networks provide access to specific insights which are tailor-made for the client. It speeds up the research process by providing real-time actionable data.&nbsp;&nbsp;</em></p><p style="text-align: justify;">For example, a traditional consultancy or market research firm may take a while to create an overseas emerging market report with the mounting cost of employing experts to conduct the research and report the findings. An expert network can connect the firm with several relevant experts from the same niche and location who have experience and qualifications to analyze the local market. Hence, they can provide real-time data in a time-sensitive and cost-effective manner.&nbsp;&nbsp;</p><p style="text-align: justify;">Here's a&nbsp;<a href="https://www.knowledgeridge.com/Clients-C4#tab7" target="_blank" rel="noopener noreferrer">case study of a market feasibility analysis for the European market</a> for an Asia-based technology company. Their core solutions include business analytics and AI. By connecting with twelve experts through phone consultations, the company gained:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li>First-hand perspectives and actionable insights into market feasibility for analytics and AI solutions in the European market&nbsp;</li><li>Insights on current demand and supply dynamics and maturity of the market to collaborate with vendors outside Europe&nbsp;</li><li>Perspectives on the vendor selection process employed by major players&nbsp;</li><li>Knowledge of the competitive landscape and regulatory environment in countries of interest&nbsp;</li></ul></li></ul><p style="text-align: justify;">Expert networks are a vital access point for gaining actionable insights and a systematic understanding of the marketplaces and sectors that clients wish to know.&nbsp;</p><p style="text-align: justify;">Thus, expert networks benefit corporates because they provide:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li>A vast network of thoroughly vetted industry experts&nbsp;</li><li>Global as well as local insights for accurate data&nbsp;</li><li>Timely and speedy access to SMEs&nbsp;</li><li>Cost-efficiency as compared to having an in-house expert team for research&nbsp;</li><li>Better decision-making, as the data is relevant and actionable&nbsp;</li></ul></li></ul><p>Regardless of the industry, it is essential to find the Expert Network firm that is right for you. Discover <a href="https://www.knowledgeridge.com/Blog/The-Value-of-Choosing-the-Right-Expert-Network" target="_blank" rel="noopener noreferrer">the value of choosing the right expert network</a>.</p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Final Thoughts&nbsp;</strong></span></h2><p style="text-align: justify;">In today's knowledge and data-driven world, inaccurate and unreliable data costs organizations time and money. The solution to this problem is&nbsp;access to real-time human expertise, with technology playing an important role. Businesses across sectors can leverage high-quality data and insights from SMEs for critical business decisions.&nbsp;&nbsp;</p><p style="text-align: justify;">From private entities to conglomerates, expert network services can solve the problem of inaccurate data and knowledge and its effects on the operational efficiencies and revenues of companies.&nbsp;&nbsp;</p><h2 style="text-align: justify;"><strong><span style="font-size: 14pt;">The Knowledge Ridge Advantage &ndash; Benefits of Working with Us</span>&nbsp;</strong></h2><p><img src="https://images.surferseo.art/4d62ce76-adfd-4833-86f6-653cb9e21fb4.jpeg" /></p><p style="text-align: justify;">Knowledge Ridge brings high-quality on-demand expertise to decision-makers. We are actively shaping the trends in how organizations access <span style="background-color: #fff5f5; color: inherit;" data-color="rgb(255, 245, 245)">specialized </span>knowledge and expertise with an Engagement Success Rate of 99% (experts engaged successfully) and a Client Retention Rate of 98%. Our meticulous phone vetting of experts has created access to first-hand actionable knowledge for our clients.&nbsp;&nbsp;</p><h3 style="text-align: justify;"><strong><span style="font-size: 12pt;">Knowledge Ridge successfully helps your business:</span>&nbsp;</strong></h3><ul><li style="list-style-type: none;"><ul><li>Bridge knowledge gaps with tailored, end-to-end expert solutions to improve decision-making&nbsp;&nbsp;</li><li>Access real-time intelligence and industry insights through our global network of industry experts&nbsp;</li><li>Use filtered critical knowledge for specific business challenges and opportunities&nbsp;</li><li>Expediently access expert knowledge across various significant industries, geographies, and cultures&nbsp;&nbsp;</li></ul></li></ul><h2><span style="font-size: 14pt;"><strong>&nbsp;Frequently Asked Questions:</strong></span></h2><h3><span style="font-size: 12pt;"><strong>Who uses expert network services and why?&nbsp;</strong></span></h3><p>Expert network services are used by:&nbsp;</p><ul><li style="list-style-type: none;"><ul><li>Market researchers: for targeted surveys, qualitative data, and niche research&nbsp;&nbsp;</li><li>Investment firms: to gain insight into new and emerging markets, investment opportunities, and due diligence purposes&nbsp;&nbsp;</li><li>Entrepreneurs and start-ups: to develop their market strategies and to better understand their primary market&nbsp;</li><li>Consulting firms: to understand their clients and their industries better&nbsp;&nbsp;</li><li>Freelancers: to network with peers, improve their skills, and get referred to consulting projects&nbsp;</li><li>Pharma companies, hospitals, and doctors: on various subjects, such as legal advice, emerging markets, and IPR&nbsp;</li><li>Corporations: to engage subject matter experts on project-specific cases for short- or long-term contracts&nbsp;</li><li>Public companies: for skill development of their employees, amongst other reasons&nbsp;&nbsp;&nbsp;&nbsp;</li></ul></li></ul><h3><strong><span style="font-size: 12pt;">How to get started with expert networks? </span>&nbsp;</strong></h3><p>Your business requirements determine the type of expert services you need. For this, you can start by providing accurate information to expert networks about your project needs. Determine whether you need experts for a single project or an extended engagement. Also, try to gauge the requirement and effect of domain experts, their authority, and geographical location.&nbsp;</p><p>Next, you must choose an expert network with a successful track record of providing relevant experts and a robust compliance framework for the security and privacy of your data that answers your queries within your timelines and cost.&nbsp;&nbsp;&nbsp;</p><h3><strong><span style="font-size: 12pt;">Why does your business need an expert network?</span>&nbsp;</strong></h3><p>Expert networks offer expertise beyond the research capabilities of businesses and provide actionable answers to their queries, thereby aiding decision-making. This customized and more relevant source of information is better than secondary research, besides being cost-effective and time-saving to the world's leading consulting and investment companies.&nbsp;</p><h3><span style="font-size: 12pt;"><strong>How do I choose the best expert network firm?&nbsp;</strong></span></h3><p>Here are a few critical factors that affect how your business selects one expert network firm over another:&nbsp;&nbsp;</p><ol><li style="list-style-type: none;"><ol><li style="list-style-type: none;"><ol><li><p>High hit ratio, where experts are thoroughly vetted and have the domain authority to analyze your industry&nbsp;</p></li><li><p>Actionable and relevant need-based customization with insights&nbsp;</p></li><li><p>Robust compliance built into the framework of the network&nbsp;</p></li><li><p>The turnaround time that meets your timelines&nbsp;</p></li><li><p>Dedicated point of contact or project manager for your project requirements&nbsp;&nbsp;</p></li><li><p>Prioritizes relationships over profits, resulting in repeat clients&nbsp;</p></li><li><p>High success rate, solution-focused offerings, and support provided throughout the evolution of the project (end-to-end)&nbsp;</p></li></ol></li></ol></li></ol>