The Art of Expert Network Utilization: Achieving Tangible Business Outcomes

February 5, 2024

Best Practices in Managing Your Expert Network Portfolio

Harnessing the full potential of expert networks has become a cornerstone for companies seeking to gain a competitive edge. Expert networks are a vital conduit, connecting businesses with industry specialists and thought leaders who offer invaluable insights and tailored advice. However, effectively managing an expert network portfolio requires more than cursory engagement. It demands a strategic approach, blending precision, efficiency, and a deep understanding of the nuances involved in expert network interactions.

This article delves into the quintessential practices crucial for optimizing the value derived from expert networks. These practices are designed to empower firms to navigate the complex terrain of expert network management. Whether you are new to the world of expert networks or looking to refine your existing strategies, the insights shared here will equip you with the knowledge to manage your expert network portfolio more effectively, ensuring that every interaction translates into tangible business benefits.

Maximize Network Reach: Initiate your expert discovery process by tapping into the full spectrum of available networks at the onset. Engaging multiple networks concurrently vs. incrementally is cost-effective and increases the likelihood of identifying top-tier experts tailored to your requirements.

Detail with Precision: Transparency is key in expert network interactions. While maintaining confidentiality, providing comprehensive information to expert networks regarding your project's objectives, needs, and concerns is crucial. This approach ensures more accurate and beneficial results from your expert network engagements. The more precisely detailed the requests, the higher the chance of engaging with experts who can provide relevant, valuable insights, thereby avoiding time-consuming discussions that do not align with the project's needs.

Refine Through Screening: Develop a tailored set of screening questions for each required expert and share upfront with the expert networks. This strategy enhances efficiency by filtering out unsuitable candidates early. When engaging with potential experts, reiterate these screening questions—remember, most networks offer a grace period (typically 10-15minutes) to assess the expert’s fit, allowing you to avoid misaligned collaborations.

Constructive Feedback Loop: When an expert’s suitability isn’t immediately clear within the initial grace period, it’s imperative to provide detailed feedback to your expert networks. This could lead to potential refunds or credits and lay the groundwork for future negotiations and subscription renewals, ensuring a more aligned expert selection in subsequent interactions.

Understand Contractual Nuances: Pay close attention to your expert network agreements' specific terms and conditions, particularly in credit-based systems. Be cognizant of potential additional charges, such as transcription fees or overage costs for exceeding set time limits. A thorough understanding of these details can help avoid unexpected charges.

By implementing these refined practices, you can effectively optimize your expert network portfolio, ensuring that your firm derives maximum value from these crucial professional relationships.

Unlocking Efficiency and Savings with Concertiv's Procurement-as-a-Service

At Concertiv, our goal is to provide a seamless expert network experience. With our unparalleled market intelligence, deep procurement expertise, and broad vendor network, we offer enhanced purchasing power to effectively address your market data needs.

Our experience spans over 500 data providers and expert networks in the market data industry. We use this extensive knowledge to consistently deliver annual savings, optimize market data portfolios, and reduce administrative burdens for firms.

Savings Year-Over-Year

Concertiv's true prowess lies not only in its immediate cost-saving capabilities but in its capacity to devise long-term strategies that consistently boost savings year after year. Consider Coller Capital as a case in point: In the first year, they realized savings of $110,000. By the second year, these savings surged to $438,000.

Beyond Savings: Concertiv is The Procurement Answer

In an ever-changing business landscape defined by macroeconomic challenges, complex vendor interactions, and internal operational hurdles, the case for market data and expert network procurement has never been more compelling. By centralizing, negotiating, managing, and optimizing the procurement process, Concertiv empowers companies to realize immediate cost savings and to chart a course toward sustained financial efficiency and growth. As the business world continues to evolve, Concertiv's commitment to delivering results remains unwavering, making it an indispensable partner for organizations navigating the complexities of modern procurement.

Interested in learning more about procurement-as-a-service for your firm?  

Learn how leading firms are partnering with Concertiv to reduce spend, minimize risk, and save time across key spend categories.