Hello everyone.
What are expert networks? Do companies like MBB use their services? Or are they competing for the same clients? Are expert networks disrupting the consulting industry or is it a dying trend?
Thank you!
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What are expert networks?
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Expert networks such as GLG, ThirdBridge, Guidepoint, Alphasights are frequently used by consulting firms as a first point of search for industry experts in areas relevant to ongoing projects.
These companies keep networking with deep-expertise people and connect them with the consulting firms on a request-by-request basis.
Due to COVID, the demand for experts has increased a lot more since showing a good portfolio of experts in front of the client helps overcome (psychologically) the issue of not being colocated with the client.
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Expert networks help you find people who have deep expertise in a given industry or market.
Having that expertise does not mean they can do consulting work. simply means that they can give you insights that you may only be able to obtain if you have worked in that specific niche.
For example, they may now market shares, willingness to pay, market size, relevant price points, typical margins, major suppliers, etc. Or they may simply be potential users/clients of a service you are evaluating.
So they are not competitors, but instead another “tool” that consultants use when they want to perform certain analysis or evaluate an hypothesis. I have used them extensively for market analysis, including market sizing, market trends, player identification, mapping value propositions, understanding gaps in the existing offering, market growth, segmentation, etc. I've used this to identify experts but also to quickly identify potential buyers for a specific product so I could test a certain value proposition.
They are particularly used for commercial due dilligence work because in CDDs one often is analyzing niche markets for which there is limited public information. This is a way of conducting market research.
Expert networks clients are usually investment banks AND consulting firms. This has some advantages as it allows investment banks / PE / Corporate to remain anonymous. Also, corporates don't have intensive training on how (and with whom) to conduct interviews and this is a highly regulated practice to avoid insider trading / industrial espionage, and this is a highly regulated matter with relevant legal implications.
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Expert networks are neither a dying trend nor disrupting the consulting industry. Rather, they are growing alongside the consulting industry.
MBB absolutely use their services. I was able to become an “expert” in LNG, Train Automation, and IT PMOs thanks to them!
Essentially they're worldwide experts (spent many years in an industry) that are hired out by the hour to impart their knowledge on their domain expertise. They're fascinating to talk to!
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Hey there,
Expert networks such as AlphaSights, GLG, and Guidepoint are constantly used by MBB in order to get some insights that they do not cover with their own people internally.
They are not disrupting the industry, but it's rather a symbiosis because you still need to incorporate expert feedback in your models, etc. They work very well together.
I engaged external experts on around 50% of my projects. Now, I have switched sides: Once you leave and gather some industry experience it's quite common to switch sides and be approached as an expert.
Cheers,
Florian
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Hi there,
This is indeed an interesting, very specific question, so I am happy to provide my perspective on it:
- Expert networks are platforms provided by companies such as GLG, ThirdBridge, Guidepoint or Alphasights who have a pool of experienced employees across all industries. You can book their services and then interact with these experts which you selected in advance.
- All major consulting companies seek the expertise of expert networks for the simple reasons that industry trends evolve that quickly and that it is hard to cover every detail of a specific industry internally.
- They have always been and will most probably always be service providers to consulting companies (and other companies as well).
In case you want a more detailed discussion on expert networks, please feel free to contact me directly.
I hope this helps,
Hagen
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Expert networks are firms that accumulate people with deep expertise in particular fields, and make them available for businesses to help out on particular projects. Major consulting firms often partner with expert networks like GLG and Alphasights to get an expert opinion on a technical aspect of a project. So consulting companies and expert networks work well in tandem.
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Hi!
Consulting firms often rely on expert networks (e.g. GLG) to find field experts for various matters (e.g. a specific project).
Consultancies and expert networks are two different industries and I don't think neither of them is dying.
Hope this helps.
Best,
Anto
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