Expert Networks: A Key to Unlock Human Insight

Expert Networks: A Key to Unlock Human Insight

“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 ”

  • What knowledge, out of the vast amount of the information available, is actually accurate, as compared to being incorrectly generalized, exacerbated, inflated, taken out of context, or outright engineered?
  • Are there any critical pieces of information that are still missing – either knowingly or unintentionally – that could have a significant impact on the decisions that are being made?

When it comes to true knowledge, nothing can ever replace human intelligence gleaned from the people actually in the know.

The Expert Network Industry and the need for Human Intelligence 

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 analyzed 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.

Expert Networks are fuelling the investment research industry 

The Expert network industry has particularly enhanced the experience of sourcing quality investment research. Expert networks are needed by -

  • Private Equity groups:  They need Expert Networks when they are researching or conducting due diligence on a potential investment or a factors that may impact an investment
  • Management Consulting companies researching about a new market, business or product, or doing the due diligence work on behalf of their clients
  • Buy Side / Investment Banks  seeking insight or investment perspectives when making decisions
  • Corporates identifying opportunities and challenges in existing or future markets, or when analysing acquisitions

The expert network industry is also now finding new customers outside the usual client segments.

Expert networks help unlock human intelligence 

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-

  •  Need for specialized knowledge 

Expert networks are usually sought by companies who need a specialized 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.

  •  Make informed investment decisions

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.

Sample use case

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 analyze 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 analyze 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.

  •  Compliance Expertise 

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.

Cutting to the chase

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  Expert network .

To learn more, you can register on our platform at   https://portal.consverge.com/ or reach us at:  solutions@consverge.com

 

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