Expert networks have emerged to be one of the critical partners for most small to mid-size consulting firms in the world. The core offering of an expert network is to provide access to specialized knowledge and expertise that mid sized consulting firms may not have in-house. Expert networks by extension help such consulting firms augment their capabilities which in turn allows them to provide comprehensive and high-quality advice to their clients, improve their efficiency, reduce costs, and also gain a competitive advantage in the market.
Below, we explore how expert networks are adding value to medium-sized consulting firms, globally:
Access to Specialised Knowledge and Expertise
Medium-sized consulting firms may not have the resources to hire experts in every field to provide optimum service to their clients. Unlike the larger consulting firms, namely McKinsey, Bain & BCG, time & expertise are inversely proportional. This is where Expert Networks step in to provide access to subject matter specialists who have deep knowledge and expertise in specific areas which helps consulting firms supplement existing data and provide better advice to their clients, without incurring significant costs.
Faster and More Cost-Effective Research
Expert networks can provide a faster and more cost-effective alternative to traditional research methods which allow consulting firms to deliver insights to their clients more quickly and at a lower cost. By leveraging the insights and expertise of industry experts, consulting firms can make better-informed decisions, identify new opportunities, and stay up to date with industry trends and developments.
Competitive Advantage
Expert networks can aid consulting firms in gaining a competitive advantage in their market. By leveraging the insights and expertise of vetted industry experts, consulting firms can augment their capabilities and services which allow them to differentiate themselves from their competitors and win more business. Mid sized consulting firms not only speak to experts for end client assignments, but also to build expertise, publish white papers and keep up to date with happenings in their industries of focus.
Increased Efficiency and Scalability
Consulting firms can increase their efficiency and scalability by using networks that provide them with flexible access to subject matter experts when required. This helps consulting firms manage their workload more effectively, enabling them to scale their business as needed. This also help consulting firms reduce their reliance on internal resources, allowing them to focus on core business activities.
Conclusion
Expert networks are a valuable resource for medium-sized consulting firms around the world. They provide access to specialised knowledge and expertise, faster and more cost-effective research, a competitive advantage, and increased efficiency and scalability.