The Expert Insight’s (TEI) Perspective on Industry Expert Consultation.
Mumbai, India -- (ReleaseWire) -- 04/28/2021 --What is Expert Network
An expert network is a council of expertise which can be accessed through a carefully curated network. It is a professional network that businesses can avail to access expert knowledge and advice. An expert network puts the phrase knowledge is power in use and provides a platform to leverage that power. As a business grows and operations get more complex, the need for a specialized expert across different functions in the value chain, increases. However, oftentimes, it isn't easily accessible and that's where the expert network comes in. For example, it's imperative that a chemical manufacturing unit trying to expand its operations globally or a PE firm while acquiring an FMCG company, would require premium insights and on-ground information that can seldom be found from secondary sources. The best of such primary insights could only be provided by subject matter experts, custom vetted on the specific criteria. These experts are industry professionals, possessing a profound relevant work experience highly regarded across different functions across the value chain. They could potentially be anyone from being at a Board member, CX or Director level to mid-senior management including Plant Managers, R&D and, Technology Heads to Sales, Business Development and, Operation Heads depending on the specific nature of the requirement. They are the best minds, fit for the requirement, to help individuals make more efficient and well-informed business decisions.
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The expert network has been valued at a size over $1.5 billion in recent valuations and has been referred to as a key in the private equity space, it is now spacing out to different industries as more people understand the value they bring to a business's operations.
Many organizations around the world seek someone who has been there, done that and, to have someone to provide them with their expert perspective which usually stems from their specialized experience. Onboarding experts will allow the business to focus on their strengths and allow the specialists to take over a one-off knowledge requirement for a specific project.
Adam Smith famously pointed out that division of labour gains more importance in the economy and the society at large, this division gets more prominent as an economy exceedingly becomes knowledge-based, he also pointed out the distinct advantage of using the specialist, a specialist gives the producer increased efficiency and in turn, output. The Expert Insight provide clients with network of professionals that can be accessed through consultations. Their focus is providing specialized sets of network and thoroughly understanding the projects and the specific needs. They follow a swift approach and connect the client to the expert in 3 steps from the client's request to the final consultation, this is what makes them special. Their belief system has the client first and that is the reason they focus on making tailor-made recommendations by spending time understanding the client industry and following that up with network recommendations. Consulting firms and financial institutions use expert networks to derive direct knowledge from industry experts.
Offerings by Expert Networks
The expert consultants empanelled with TEI have passed several checks which ensures a baseline of quality in their network. Contrary to popular beliefs, an expert network provides management consultants and investors with many varied forms of business interventions, this includes but is not limited to:
- Primary Research Surveys.
- Expert advisory
- Subject Matter Experts
- Talent Management (Resource outsourcing, Board Placements)
- Industry experts
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The market for expert networks has constantly been growing and has been registering a double-digit growth since the last decade and has now come to include a sizable chunk in the services industry. Historically, expert networks were used by PE and Financial Firms to have a better idea and gain inside knowledge about the industry their proposed investment worked in, given the huge amount of money involved in the investment industry, many thought it pays off in the long run, similarly, Management Consultants have increasingly used expert networks and subject matter experts to outsource some functions and gain an insight into their client industry, this allows to them to cut costs and by and large, get acquainted with the client atmosphere and come up with industry specific terms to fix the problem of the client.
Adjacent services of the expert network include strategy consulting and market research. Expert networks have been used to devise market entry strategies for a varied number of industries, niche fields have been using the experts more for these sorts of services compared to the traditional industries.
Region sourcing is an important criterion that The Expert Insight believe in, clients sometimes require a strong region-specific expert who helps them navigate across different geographies and ensures the strategically correct course of action for the client. Management consultants who have global clients regularly request region-specific experts, this ensures that the expert is aware of the market around the industry and can guide their team better, this trend is similar to the one followed by Private Equity firms who have global investments to make.
Regions are divided by continent and by far the largest market is in North America followed by Europe and Asia, North America has shown a 4.5 % growth in the last 5 years by the size of the Expert Network market and is showing signs of growing further. Their clients in Europe are more focused on the Private Equity space and place big bets on the abilities of their experts, Europe is one of the most informationally efficient markets they have, the financial service industry thus requires thorough research to find reliable recommendations. 30% of their experts are based in North America and another 20% in Europe. The rest of the experts are from areas in Asia with a sizeable share of 15%, other markets of importance are Middle East and Africa.
The Expert Insight has its prime resources centred around the South East Asian region considering APAC is one of the fastest-growing regions around the globe for most of the industries. Most new and established businesses want to understand the potential demand and supply chain of the Asian markets and be future-ready. Experts from the South East Asian region are carefully vetted and hand-picked through several rounds of thorough screening. There has been consistent interest in the expert network market in the region and heavy investments have been made over the past couple of years to ramp up region specific operations. Investors and businesses understand that decisions such as this are time and fund-consuming making it critical for them to get connected to the right people with the right knowledge in their tool kit. Their goal is to provide key knowledge and primary insights for the businesses to leverage from, through their expert network.
The industry is becoming innovative due to an increased need for specialization, this has prompted an increase in the services provided by firms in the industry, it has also created a problem of too many options in the market. Clients according to a report by Inex One have shifted through the network as frequently as one week, the report also mentioned that often the issues mentioned are of a low amount of relevance to the project and the disappointment linked to that has irked many businesses, The Expert Insights reduces the plight of the consumers by using their own experience to match clients with partners instead of using AI as mentioned earlier.
The Expert Insight's (TEI) Areas of Expertise
Their focus areas include:
- Competitive Landscape Analysis
- Investment Portfolio Analysis
- Market Entry Strategies
- Product Benchmarking
- Mergers & Acquisitions
- Consumer Surveys
- HR Consulting
- Board Placements
Management Consultants and Private Equity firms enjoy the thrill of being industry agnostic and have varied clients across industries, they cannot have specialists for all of them, that's where TEI comes in, they want to assess the state and development of an industry. This will include mapping the production and supply chain and understanding the profit potential and future outlook in the industry. Private Equity firms have a particular focus on the future outlook as they are trying to catch the early movers in an industry or more particularly, someone with a higher future potential. They invest money to grow their investments and want to see returns for all the stakeholders, firms like GLG have focused on this area and have made their name in the industry. Market Entry Strategies are usually demanded from firms looking to expand their footprint across the globe, more specifically the South Asian Region has been the talk of the town. The entrants want to have solid insights and research backing their investments of time and effort, experts in specific markets often have access to these trends and the current scenario and can offer immense benefits to the firm.
Apart from these areas, their network provides stalwarts across different sectors and subsectors who have been carefully chosen and vetted. A few industries they have worked in the past include automotive, Healthcare, pharmaceuticals, IT, Chemicals and Materials, Energy and Power, Metals and mining, media and entertainment, and F&B.
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Their distinguished experts are further committed to present in-depth and authentic information related to any specific subject matter/project concern thus unfolding powerful insights and ensuring a competitive advantage in the industry. Their engagements can be long or short-term and would depend on the scale of the project.
Their USP lies in the fact that they only connect with the advisors after gaining a thorough understanding of the project requirements and its status in the supply chain, they cherry-pick the most suited professional advisors, exclusively experienced in the given sector, to vet them on the project material and ensure their consistency with their compliance form. They know that the right person makes all the difference and hence maintain this process to ensure the best fit for their client's needs. Moreover, The Expert Insight was formed by former consultants and they understand the overall project cost break down, hence, are the most affordable expert network provider globally.
Whether someone want to tap on industry challenges or explore a very specialized market, The Expert Insight values all project requests and assigns valuable time to understand each of its concerns. Every project is addressed with a tailor-made approach, placed within their logistics network, and allocated a realistic timeline.
For any inquiries: https://www.theexpertinsight.com/contact/
About The Expert Insight (TEI)
The Expert Insight (TEI) is an expert network that connects business professionals to relevant hand-picked Subject Matter Experts from their Global Professional Network, to leverage from and make better-informed business decisions.