Expert networks have become increasingly popular in recent years, and have been dubbed as an essential resource for businesses, investors, and consultants looking to gain valuable insights into their industry.
As we move into 2023 and beyond, it’s important to take a closer look at the latest trends and predictions for the future of expert networks.
Current State of Expert Networks
The expert network industry is currently worth an estimated $1 billion+, with major players including GLG, AlphaSights, and Guidepoint taking a traditional network-first approach to connecting you with experts. However, the industry is also facing a number of challenges, including increased competition, regulatory pressures, and the need for innovation.
Some of the biggest challenges for expert networks are the need to balance client demands with regulatory compliance, balancing demand volume with internal processes, and finally connecting clients to experts from niche industries, who are not currently widely available in their network.
Challenge 1: Emphasis on Compliance and Ethics
Expert networks are facing increasing scrutiny from regulators and clients when it comes to compliance and ethics.
In response, many expert networks are investing in compliance programs and procedures to ensure that they meet the highest ethical and legal standards. This includes conducting thorough background checks on experts, ensuring that they are not disclosing confidential information, and following all relevant regulations and guidelines.
As the importance of compliance and ethics continues to grow, we can expect to see more expert networks placing a greater emphasis on these issues. Find more about the terms of engagements an expert must go through before connecting with Infoquest clients here.
Challenge 2: Technology and Expert Networks
One of the most exciting developments in the expert network industry is the emergence of new technologies that are transforming the way that expert networks operate. For example, artificial intelligence (AI) is being used to automate certain aspects of the expert network process, such as matching clients with experts based on their specific needs or even enabling expert networks to streamline their operations, reduce costs, and improve the quality of their services.
Other emerging technologies that are likely to have an impact on the expert network industry in the coming years include blockchain and virtual reality. For example, blockchain could be used to create secure and transparent systems for sharing and managing expert data, while virtual reality could provide new ways for clients to interact with experts remotely.
Challenge 3: Changing Needs of Clients and Increasing Demand for Niche Expertise
As businesses and investors continue to evolve, so too do their needs when it comes to expert networks. One major trend in recent years, and in the GCC, has been the growing demand for expert advice in emerging industries, such as aerospace, automotive, renewables, chemicals, food processing, fintech, etc…
Given these markets are only recently evolving, larger expert networks that focus on a network-first approach are not able to onboard these experts as quickly as the market has been evolving.
Expert networks such as Infoquest, which take a research-first approach to sourcing experts are better equipped to find niche expertise. For example, rather than seeking out generalist experts who can provide broad insights into a particular industry, Infoquest can meet the client’s needs when they are looking for experts with deep knowledge of specific technologies, markets, or geographies by custom-sourcing the experts for them. Learn more about the power of custom sourcing subject matter experts in our blog post here.
Predictions for the Future of Expert Networks
Looking ahead to the future of the expert network industry, there are a number of key trends and predictions to keep in mind. For example, we can expect to see increased use of AI and other emerging technologies to improve the efficiency and accuracy of expert networks.
We may also see the emergence of new business models for expert networks, such as subscription-based services that provide clients with ongoing access to a network of experts.
Finally, we can expect to see increased demand for experts in emerging industries, as well as a greater emphasis on specialization and niche expertise.
Conclusion
The future of expert networks is undoubtedly exciting, with new technologies, changing client needs, and evolving business models all playing a role in shaping the industry in the coming years.
As businesses and investors look to stay ahead of the curve, it’s important to keep a close eye on the latest trends and developments in the expert network space. By doing so, they can take advantage of new opportunities and ensure that they have access to the expertise they need to succeed in a rapidly changing business landscape.
Reach out to info@iqnetwork.co to get some insight on how our Expert Network can support your needs!
