Timely and accurate information is crucial in the fast-paced world of business and finance. This is where expert networks come in to connect businesses with industry specialists and subject matter experts, offering tailored insights and advice. These networks have and continue to become invaluable tools for companies seeking to make informed decisions to navigate complex market nuances.
In Africa, corporates have used expert and lobbyists to understand policies and industries for ages; but for the most part, large companies use consulting firms in major projects and organizational changes. These consulting firms in Africa are more experienced in hiring short term consultants or bringing in experts on contracts or hourly to support companies. More importantly, these consulting firms are usually providing other services to these companies, which makes it easier for them to be hired when it comes to sourcing experts.
Expert networks are firms that link clients with experts who possess specialized knowledge or information in particular fields. The clients are typically businesses, investment firms, or consulting companies. The experts are usually asked to provide insights, strategic advice based on their extensive experience and expertise.
Expert networks started in the in the early 2000s as firms recognized the need for more direct access to specialized knowledge in projects, understanding regulations or seeking advice on their strategies. Initially, these networks were simple directories of experts, but they have since evolved into libraries and technology driven insights due to the rise of AI and technology.
Traditionally expert networks used direct consultations, where clients engage with experts via phone calls or meetings. But recently ,digital expert networks utilize online platforms to connect clients with experts through virtual consultations, webinars, and digital content libraries.
Expert networks are widely used by consulting firms, hedge funds, private equity firms, and asset managers who rely on expertise to gain insights into industries, companies, and market trends. Expert consultations can provide critical information that influences investment strategies and portfolio management.
In consulting and corporate strategy, expert networks offer valuable perspectives that enhance strategic planning, research, or decision-making. Consultants use these networks to access industry-specific knowledge, ensuring that their recommendations are grounded in the latest market developments and best practices.
SMEs and startups benefit from expert networks by gaining access to high-level expertise that might otherwise be out of reach. These businesses can leverage expert advice to optimize operations, innovate, and scale effectively.
Market research and competitive intelligence are other are as where expert networks shine. Companies can engage experts to conduct in-depth analyses of market conditions, competitor activities, and emerging trends. This intelligence supports strategic positioning and helps businesses stay ahead of the competition.
The use of expert networks in Africa has mainly been dominated by consulting firms, which hire experts and use them to support companies in planning, strategy, and research. The other main reason why consulting firms lead the way in Africa when it comes to using expert networks is the complexity of human resource compliance and management involved. Most firms do not want to engage additional resources in hiring on short term contracts or navigate regulations especially when the information needed will be provided by an expert in a foreign country.
On the other hand, investment firms usually develop deep relations in their respective industries of interest and invest in improving these relationships. However, these firms often need insights regarding market trends or regulation changes or when they wish to understand how a new technology will impact their portfolio. In such scenarios, they seek advice from expert networks.
In addition, most finance & investment firms are looking to grow in their respective African regions, but with the economic dynamics and differences that come with each African country, it saves them a lot of money to seek expert insights to solidify their strategies and decision making.
