08 Jun 2018
What is an Expert Network?
The expert network model explained
An expert network finds and recruits knowledgeable individuals for short consultations with parties seeking expert insights. In many ways, an expert network is comparable to job recruitment firms: it identifies experts to recruit for short consultation sessions (instead of full-time jobs). Most expert networks started in the last 10 years. GLG, typically referred to as the oldest expert network, started already in 1998.
Inex One creates transparency and efficiency in the industry. See our overview of the industry here.
Expert networks are a top source of insights
Expert networks have emerged as an indispensable source of primary insights when doing investment research. Clients also increasingly use experts in regular strategy and business development work. With their services in great demand, expert networks have been very successful. Check out the market sizing and growth metrics here.
Expert networks are a favorite source in due diligence
Clients surveyed (investment professionals and management consultants) consider expert calls as one of the most important sources of insights in investment research. The typical use case for expert calls is when doing commercial due diligence (CDD) work, but reasons vary. Typical clients are investment funds, consulting firms and strategy divisions of large corporates. Read how others use expert networks here.
A couple kinks remain to be solved
Most large clients have contracts with multiple expert networks, to get a wide selection of experts. However, the use of multiple networks is limited by administrative costs and poor market transparency.
In addition, emailing with multiple networks risks exposing your project data, and it is difficult to reconcile with personal data legislation (e.g. the GDPR). Read about GDPR considerations and reported challenges****.
Inex One is the future of expert insights
The Inex One Expert Management System (EMS) creates transparency, efficiency and compliance around expert calls. The EMS offers a “one-stop-shop”, where clients can coordinate multiple expert networks at once. The team collaborates on expert selection, with all data stored in a secure data room.
All parties stand to gain:
Current clients can engage additional expert networks at zero marginal cost. They get a wide selection of experts, great transparency on expert quality, and overall lower costs.
New clients – previously discouraged by high transaction costs – can access and benefit from a top source of insights.
High-performing expert networks get due appreciation and business volumes as ANP members, versus complacent incumbents.
Experts benefit from higher business volumes when their knowledge is in demand.
Do you want to know more about Inex One, or try a demo of the EMS? Contact us here.