Why Do Organizations Need Subject Matter Experts

  • Anuj Saxena


<p style="text-align: justify;"><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/WhyDoOrganizationsNeedSubjectMatterExperts01.jpg" alt="Subject Matter Expert" width="1024" height="512" /></p><p style="text-align: justify;">Everyday decision-makers at organizations are faced with challenges that require real-time industry insight into their business, buying strategies, consumer behavior, the competitive business environment, and other aspects. These insights cannot be obtained by desk research.</p><p style="text-align: justify;">When faced with such challenges, businesses often hire subject matter experts (SMEs) to devise a solution and supply pertinent data and evidence to solve them. SMEs can also assist companies in developing innovative processes that save time and resources while increasing profits. While there are numerous advantages to hiring a subject matter expert, one of the key advantages is providing valuable knowledge by a skilled collaborator at a lower cost.</p><p style="text-align: justify;">Subject Matter Experts are individuals possessing expertise in a niche specialization area through considerable research and direct industry experience. They provide unique perspectives in their area of expertise and are hired to offer relevant services and insights for a fee.</p><h2><span style="font-size: 14pt;"><strong>Types of </strong><strong>Subject Matter Experts and Their Role in Different Sectors</strong></span></h2><p class="bbox" style="text-align: justify;"><em>Subject Matter Experts often find themselves in leadership positions within a particular project undertaken by a firm by providing solutions to challenging issues. They usually take on the role of business analysts, strategic architects, and program or project managers.</em></p><p style="text-align: justify;">A global expert network aids clients across all global industry classification sectors, such as energy, materials, industrials, consumer staples, healthcare, financial, communication services, utilities, real estate, etc. Here are a few industry-based examples of SMEs&rsquo; roles:</p><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li style="text-align: left;">The digitalization or enhancement of processes by leveraging digital technologies in all areas of business is what digital transformation is all about. Companies dealing with innovation frequently hire external subject matter experts because they need to resolve business or technical <a href="https://www.knowledgeridge.com/c/CaseStudiesDetails/25" target="_blank" rel="noopener">challenges associated with recent innovations or technologies</a>.</li><li style="text-align: left;"><a href="https://www.knowledgeridge.com/c/CaseStudiesDetails/13" target="_blank" rel="noopener">Pharmaceutical companies frequently work with SMEs </a>to contribute to medical journals or documents on a specific disease or topic.</li><li>Engineers and architects collaborate with SMEs when they find <a href="https://www.knowledgeridge.com/c/CaseStudiesDetails/17" target="_blank" rel="noopener">challenges in new technologies</a> or design approaches.</li></ul></li></ul><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Responsibilities of a Subject Matter Expert </strong></span></h2><p style="text-align: justify;">The most competent SMEs continue to build on their deep knowledge by staying abreast in their area of expertise in the industry. The edge top SMEs have is that they think out of the box, and it is this innovative, creative thinking, and solution-focused attitude that companies value.</p><h3 style="text-align: justify;"><span style="font-size: 12pt;"><img src="https://kradminasset.s3.ap-south-1.amazonaws.com/ExpertViews/WhyDoOrganizationsNeedSubjectMatterExperts02.jpg" alt="Responsibilities of a Subject Matter Expert " width="1080" height="512" /></span></h3><h3 style="text-align: justify;"><span style="font-size: 12pt;"><strong>Here are a few examples of their broad responsibilities:</strong></span></h3><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li>Providing an overview of a specific market/geographical region.</li><li>Identifying new markets for goods or services.</li><li>Validating the data collected by clients through primary and secondary research.</li><li>Analyzing data to identify trends and development prospects in particular industries.</li><li>Research new methods or technology to ascertain their viability and organizational applicability.</li><li>Share their expertise&nbsp;on a&nbsp;product value chain, pricing points, and key regulations affecting them.</li><li>Provide insights into key industries and products&nbsp;to be targeted for optimal growth prospects, as well as historical and current outlooks for the industries currently served.</li><li>Provide their knowledge of current market dynamics, as well as market maturity.</li></ul></li></ul><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Benefits of Hiring a Subject Matter Expert </strong></span></h2><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li><strong>An SME's knowledge and domain experience can benefit your business: </strong>A well-informed subject matter expert, aware of all the latest developments in their domain, can foresee potential challenges and breakthroughs. For example, when working with a product development team, SMEs bring a unique perspective to strategic initiatives and projects, significantly impacting the company's growth and vision.</li><li><strong>An SME can streamline your workflow:</strong> SMEs are well-versed in tools and strategies for change management that benefit organizations.&nbsp;Whether understanding customer preferences, conducting product surveys, and benchmarking studies, subject matter experts change how knowledge is applied with customized solutions tailored to the business needs. They curate the framework that allows you to use insights into actionable steps.</li><li><strong>Hiring an SME can save you money: </strong>Organizations need to comprehend and validate the ever-changing economic trends. Subject matter experts provide meaningful guidance to research, due diligence, and information critical to achieving strategic business objectives. Ranging from extensive industry experience to deep market research, SMEs help organizations function efficiently and cost-effectively.</li></ul></li></ul><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>When to Bring in a Subject Matter Expert&nbsp; </strong></span></h2><p style="text-align: justify;">SMEs are sought by companies facing a specific challenge that goes beyond their scope of understanding. For instance, in real estate, realtors consult SMEs on matters of current and future trends in the housing market. The training department of any company hires domain experts to transfer expertise to entry-level workers or even recommend improvements to the training program itself.</p><h3 style="text-align: justify;"><span style="font-size: 12pt;">In general, SMEs are hired by companies for:</span></h3><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li>Market strategy, market sizing, and growth potential</li><li>Changing market dynamics</li><li>Competitive intelligence</li><li>Industry benchmarking</li><li>Product sourcing and pricing</li><li>Value chain analysis</li><li>Current regulation</li><li>Competitive landscape</li><li>Conducting commercial due diligence projects</li></ul></li></ul><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>Basics of Working with Subject Matter Experts </strong></span></h2><p style="text-align: justify;">The unbiased perspective of an SME transforms one-dimensional content into a nuanced three-dimensional one, which is why they are indispensable to organizations. Thus, while dealing with SMEs, it must be ensured that these individuals possess the following aspects:</p><ul><li style="list-style-type: none;"><ul style="text-align: justify;"><li><strong>Expertise</strong>: The expert should possess an in-depth knowledge of conditions and procedures in their field.</li><li><strong>Experience</strong>: The expert has engaged in a considerable amount of practical application of his knowledge for an extended period.</li><li><strong>Influence</strong>: The expert must be prominent in their field of work to undertake decision-making that has long-term impacts on companies.</li></ul></li></ul><h2 style="text-align: left;"><span style="font-size: 14pt;"><strong>How Does Knowledge Ridge Vet the Most Relevant SMEs</strong><strong>?</strong></span></h2><p class="bbox" style="text-align: justify;"><em>Developing an association with a well-vetted SME is a demanding process. In order to produce exceptional opportunities for their client&rsquo;s businesses, it is of utmost importance for Knowledge Ridge to <a href="https://www.knowledgeridge.com/Expert-Network-Compliance" target="_blank" rel="noopener">screen their SMEs</a> before assigning them to their client&rsquo;s projects.</em></p><p style="text-align: justify;"><strong>Compliance and Background Check</strong>: Before disclosing any information to our SMEs, we conduct a thorough background check on our experts. We ensure that there are no conflicts of interest that could jeopardize the project or client. We verify their track record of professional standards to confirm that all reported credentials and experiences are current and accurate.</p><p style="text-align: justify;"><strong>Examine Prior Experience</strong>: A relevant SME is our company's financial and time investment. We examine their professional background to see if their experiences closely match the commitments they'll be taking on.</p><p style="text-align: justify;"><strong>Meticulous Phone Vetting Process</strong>: We vet the expert thoroughly after completing our due diligence. Through a well-crafted vetting process, we gauge the SMEs' responses to assess if they are the right fit for the project and how well they'll address the critical aspects of the project. As a result of our meticulous phone vetting, our hit rate is 64% (experts sent vs. experts engaged).</p><h2 style="text-align: justify;"><span style="font-size: 14pt;"><strong>The Knowledge Ridge Advantage</strong></span></h2><p style="text-align: justify;"><a href="https://www.knowledgeridge.com/Expert-Network-Services" target="_blank" rel="noopener">Expert network services&nbsp;</a>can be the solution to addressing the issue of inaccurate knowledge and information and its effects on efficiency improvements and company revenues.</p><p style="text-align: justify;">As the world becomes more reliant on data, the role of Subject Matter Experts has been steadily increasing in several sectors and industries; hence they are being invested in due to their unique expertise and high potential.</p><p style="text-align: justify;">Knowledge Ridge utilizes this expertise to help clients make strategic decisions. <a href="https://www.knowledgeridge.com/Knowledge-Ridge-Contact" target="_blank" rel="noopener">Get in touch</a> with us today to connect with seasoned and professional experts who can assist your business in attaining its highest potential.</p>