The expert network space is growing in importance every passing day. According to a renowned expert network aggregator, this segment of the industry eclipsed the $2 billion mark in terms of revenue globally this year. Moreover, some of the big expert networks more than doubled during 2022.
However, the expert network space is transitioning beyond just growth in revenue. It is transforming in some really, interesting directions. That being said, it is creating a world of opportunity for freelance experts in varying fields and niches.
More and more freelance platforms including conventional talent organizations view the expert cloud network landscape as an accessible opportunity for growth and profitability. To say the least, these new participants are making the most of their important assets – i.e., their talent directory.
Executive Recruitments Through Expert Networks
An executive recruiter is an example worth noting. Mainstream global executive search organizations like Codgers that executive clients have a life cycle that stretches further than the next post. Several of such executives possess special expertise/talent that can be monetized in fragments. So, providing a supplemental income while the expert retains their full-time position in an executive role. And, once they retire, a majority of these individuals continue to enjoy lucrative opportunities as expert network consultants and part-time advisors.
There are some recent startups founded by former consulting executives, that offer well-connected, and most recently retired, executives an opportunity to monetize their contacts through introductions. Both parties can leverage this opportunity. In other words, both startups and SMBs capitalize on the connections these executives provide.
Moreover, the executives enjoy interfacing with younger colleagues. Also, welcome the continual relevance it offers to the people who’ve retired from executive roles and feel a void.
Traditional Consultancies AreBeing A Party To It
Consultancies are in no way behind the curve in providing an expert network advisory. Consulting marketplaces all over the world provide their consultant experts both for short and long-term expert advisories.
Traditional consultancies are being a party to it as well. These consultancies have perceived the potential to be both providers and consumers of expertise. Platforms providing impermanent management talent come up with an expert network company list comprising individuals who have experienced experts in specific functions such as finance and HR. They have active participation in the expert networks and are basically impermanent professionals who are individually on expert platforms.
Nature of Expert Network Assignments Is Transforming
There has been a wave of change in the nature of expert network assignments in recent times. In the past, the expert cloud network had focused on short engagements. According to reports, 85% of expert gigs are traditionally no more than one hour, and a small number last for a full day. However, there is a change since both clients and providers, comprehend the potential for long-term work relationships, entailing original research or additional experts.
A prominent expert network explains that a large number of client requests are related to subscription relationships or continuing advisory support. The expert network service provider points out that, the line between consulting, research, and expert guidance is blurring since more expert engagements increase in length and strategic importance. And organizations as well as individual investors and consultants shop for the help of experts.
With the growth in the competitive and strategic importance of specialized expert knowledge, the expertise industry is enlarging too. Many more new platforms have emerged and are growing nicely. On the whole, no less than $350 million was invested in expert networks in 2022 according to market analysts. These new platforms have raised large amounts of funds for expanding their reach and scale. Many fledgling expert marketplaces too have won new investments. To say the least the industry as a whole is, also expanding in the specialization. For instance, some expert networks offer expert insight into Digital Technology. Some others focus on Healthcare and Life Sciences. While some expert network platforms offer expertise in the freelancing industry. There are also expert network providers who offer experts in Cryptocurrencies. To say it simply Expert Network Platforms have a database of individuals with special expertise in various fields. They use this pool of experts and connect them with clients who are looking to benefit from industry insights.