​How Do Expert Networks Work?

Expert networks are specialised platforms that connect individuals or organisations seeking expertise with the professionals who possess it. These networks span all countries and specialisations globally and work by offering invaluable insights and knowledge across diverse fields. This article discusses how expert networks work and details the primary types of services they offer.

Types of Expert Network Services

Here are the main types of expert network services.

Consulting Services
​In addition to short-term consultations, some expert networks offer more extensive consulting services. These services involve longer-term project work with selected experts and can include:

• Projects: These projects may encompass commercial due diligence, market assessments, and corporate strategy projects.
• Participants: Leading firms have established consulting arms staffed by experienced consultants, sometimes posing competition to traditional consulting firms.

​The Core Business
​The core business of expert networks like Silverlight Research revolves around recruiting experts for brief, ad hoc consultation sessions. Unlike traditional headhunting, which seeks to fill full-time positions, expert networks focus on short-term engagements.
This process involves:

• Manual Processes: Associates spend significant time searching career databases such as LinkedIn, Xing, and Viadeo. They manually sift through profiles to find the best matches for client needs.
• Automation: To streamline operations, many expert networks automate repetitive tasks like copying expert profiles from databases and sending personalised messages. However, the core function of recruiting experts remains a human-centric activity.
• Specialisation: Many expert networks carve out niches by focusing on specific regions or industries, thus developing a deeper understanding and stronger foothold. This specialisation enables them to provide their clients with more targeted and relevant expertise.

Aggregators
Using expert network aggregators, Silverlight Group aims to streamline workflows and improve productivity by consolidating multiple expert networks into a single platform. This approach includes aggregators that reduce costs and increase service quality by helping expert networks invest their time more productively. Aggregators have experienced varied success, with some firms discontinuing their aggregator services to focus on their core business.

Expert Witness Services
Beyond business and investment, expert networks also provide services for legal and medical professionals. This segment, known as expert witness services, involves:

• Market: Providing legal and medical experts to attorneys, primarily in the U.S.
• Leading Firms: IMS Consulting & Expert Services, The Expert Institute, GLG, and Guidepoint are prominent providers in this niche.
• Services: These firms deliver expert witnesses, conduct background checks, and offer related services to support legal cases.

​Transcript Libraries
Expert network transcript libraries are online repositories of past expert interviews. These libraries serve primarily public market and growth equity investors and are categorised into:

• Managed Content Libraries: These libraries identify hot topics, employ analysts to interview experts, and publish the transcripts. Third Bridge Forum, Guidepoint Insights, and the GLG Library are major players.
• User-Generated Content Libraries: Clients organise expert interviews, and the transcripts are added to the library. This model is often used by networks like Stream.
• Examples: Third Bridge, Guidepoint, and GLG lead the market with their extensive content libraries, providing valuable insights into various industries.

B2B Survey Providers
B2B survey providers offer another layer of service within expert networks. These surveys are conducted using high-quality panels drawn from the networks' extensive databases of experts. The process includes:

• Recruitment: Experts initially recruited for one-on-one consultations contribute to a large, detailed database. Over time, this database evolves into a valuable resource for conducting surveys.
• Survey Use: Leveraging these expert panels, networks can provide deep, high-quality insights through surveys. This is particularly beneficial for investors seeking comprehensive data to inform their decisions.
• Examples: Many large expert networks include B2B surveys as part of their service offerings, capitalising on their extensive databases to provide rich, detailed insights.

​Conclusion

​Expert networks are crucial in today's complex and fast-paced business environment. By offering a range of specialised services, they enable organisations to access critical insights and expertise on demand. Silverlight Expert Network, as a key player in this field, exemplifies expert networks' dynamic and essential nature. As the industry continues to evolve, the importance of specialised expertise and the demand for such services will only grow, ensuring a bright future for expert networks and their clients.