The Importance of Expert Networks in Crisis Management

Organizations of all sizes face a broad spectrum of potential crises that can have a negative impact on their bottom line, operations, and even reputation.

While the crises specific to small and medium enterprises (SMEs) versus large corporations are very different, every organization needs a cohesive and well-thought-out plan to identify and mitigate these vulnerabilities. 

Expert networks are a vital resource in crisis management—they provide essential specialist knowledge that can ensure organizations have a strategic and efficient response in the face of adversity.

In this article, we'll take a closer look at the nature of the crises that organizations of all sizes face and how expert networks can facilitate the effective management of these.

What expert networks bring to the table

Expert guidance is indispensable before, during, and after a crisis. Subject-matter experts can provide critical assistance in responding to an emergency, and also in developing crisis-response plans and subsequently facilitating recovery.

These are the stages where expert advice provided via expert networks can help your organization:

1. Before: the development of crisis-response plans, spotting potential risks, and recommending potential mitigation strategies.
2. During: real-time guidance that allows companies to navigate the situation and make informed decisions.
3. After: the facilitation of the recovery process, insights into how to lessen the impact of the situation and prevent similar occurrences in the future.

Let's now take a look at a few essential benefits of engaging with expert networks.

Suggested reading: The Benefits of Joining an Expert Network

Instant access to specialized knowledge

There is a wide range of scenarios where having unrestricted access to expert consultants is vital, such as natural disasters or security breaches, for instance.

For instance, during the COVID-19 pandemic, most organizations across the globe found themselves in unforeseen circumstances.

Large corporations are especially vulnerable in these situations — the more employees a company has, the more expensive indecision becomes. A wide array of Fortune 500 companies sought advice from professionals in many fields to inform their decisions regarding employee safety and operational continuity.

Furthermore, crises and the risks associated with them require an interdisciplinary solution that encompasses both qualitative and quantitative perspectives.

This is where expert networks shine—engaging seasoned professionals for a specific task at a particular time is less of a burden for a company than having a permanent employee whose experience may or may not be needed.

Suggested reading: How to Leverage Expert Networks for Competitive Intelligence

Scenario planning and risk assessment

To effectively manage a crisis situation, an organization needs to have robust scenario planning and risk assessment procedures in place. These assessments allow businesses to take a proactive approach in spotting potential vulnerabilities in their operations and prepare for them.

Think of a manufacturing plant, for instance. A supply chain disruption can be caused by a wide array of factors, like natural disasters, geopolitical instability, or massive economic shifts.

A far more productive approach to navigating these issues revolves around anticipating them, which allows to work out alternative supply routes, identify additional suppliers, and, as a result, ensure that the plant's operations remain functional for as long as possible.

Crisis communication

The way a company approaches communication during public relations crises can make or break its reputation.

To manage public perception and maintain trust, companies should consult with PR specialists who can provide guidance with public relations to ensure that the brand's communication speaks to the audience at hand during a crisis.

Transparent communication with all stakeholders is key, including employees, customers, and investors. PR crises are conducive to interpreting an organization's state of affairs on limited information, leading to misinformation that can be incredibly damaging to a businesses outlook. Keeping everyone in the loop prevents that from happening.

Regulatory and compliance guidance

Compliance is an incredibly complex field across different industries and jurisdictions. Its complexity increases during crisis situations such as the COVID-19 pandemic, which ushered in a broad range of changes in health and safety regulations regionally and internationally. This is yet another area where expert networks become indispensable.

Consulting with legal and regulatory specialists during and prior to challenging periods allows an organization to remain constantly informed about the changing requirements and develop strategies to mitigate any risks.

Similarly, crisis scenarios often increase liability issues or the potential of investigations. Accessing interdisciplinary professionals during these times is therefore a valuable and cost-effective investment.

Final thoughts

Expert networks are an invaluable resource during turbulent times. By providing access to specialized knowledge, scenario planning, risk assessment, crisis communication guidance, and regulatory compliance expertise, expert networks can provide organizations of all sizes with the tools and knowledge needed to deal with adversity and subsequently swiftly recover from it.

Engage today with ExpertNetworkCalls, a company that was founded with one core belief: that clients should have easy access to the insights and market knowledge they need to make critical business decisions. Our team of professionals has decades of experience in business intelligence, subscription platforms, and the expert network industry.

Suggested reading:

1. The Future of Expert Networks in a Digital Age
2. Expert Networks Calls: Bridging the Knowledge Gap in Industries