Expert Networks vs. Traditional Consulting: When to Use Each and Why

Access to specialized knowledge is an invaluable asset for businesses across all sectors. As markets become increasingly interconnected, there’s now much more demand for expert advice, especially among organizations seeking to make better, more informed decisions during uncertain times.

This trend underlines the need for expert networks and traditional consulting services, but the important question is, “When and under what circumstances should businesses opt for one rather than the other?”.

In this article, we’ll answer this question by exploring the benefits and limitations of both expert networks and consulting companies to understand their strengths and the situations when each is ideal.

The fundamentals of expert networks

Expert networks are particularly popular with organizations looking for quick answers – and that's when platforms such as Expert Network Calls come in, connecting businesses with precise expertise exactly when they need it.

Generally speaking, expert networks can be defined as possessing two qualities:

1. They offer on-demand access to industry-specific expertise. Businesses can request a consultation with professionals with the exact insights they need within very short timeframes (hours or days).
2. The experts are typically engaged in the short term, and the guidance is very focused. A consultation can range from 30 minutes to a few hours in most scenarios.

Typically, the experts who are available within expert networks have a broad spectrum of knowledge, ranging from industry veterans and former execs to academics and regulatory experts. This diversity allows organizations to access highly specialized, even niche, knowledge that would otherwise be inaccessible through traditional means.

It’s also important to underline that hiring the services of an expert network typically involves a different pricing model and engagement structure compared to utilizing a legacy consulting firm.

The more common formats are pay-per-use, subscription-based, and project-based because the trend is for these to be short, highly focused sessions typically.

Some networks offer a written-form Q&A-type arrangement, which is particularly popular in situations when multiple experts have to collaborate and adopt a more exploratory approach.

A quick look at traditional consulting

Legacy consulting has long been an essential part of corporate business strategy, and most traditional consultancies focus on providing a comprehensive, in-depth approach to solving complex organizational problems that will involve large-scale changes.

Traditional consulting is generally defined as having the following qualities:

1. Their engagement typically spans several months, which provides for a more thorough analysis and support.
2. Consultants most often work in teams, which enables them to leverage a more diverse skill set.

It’s also worth mentioning that these firms are much more likely to have a specialization, such as strategy consulting (e.g., McKinsey, Bain, and BCG), management consulting (e.g., Accenture and Deloitte), specialized boutique firms that operate in very specific industries or areas of expertise, and everything else in between.

Comparing expert networks and traditional consulting

So, to recap, expert networks provide much-needed, quick, and highly specific expertise from experts who tend to offer practical, real-time recommendations. On the other hand, we have the more structured, methodology-oriented traditional consulting firms.

These two strategies create unique differences down the line. Let’s take a look at a few of these:

Depth of engagement

Before deciding whether you should consult an expert network or a legacy consultancy, it’s wise to thoroughly assess the complexity of your question, since this parameter will ultimately define your choice. Some tasks may simply require a more in-depth analysis, while others would benefit from a rapid-fire, agile approach.

Knowledge transfer

Aside from the depth of the engagement, it’s essential to develop a clear understanding of the knowledge required to solve the problem at hand. Ask yourself, “How long would it take to utilize the knowledge received from the consulting party?”.

This parameter is commonly known as “stickiness” and basically refers to how difficult it is to transfer information. Here, businesses should seek to align the complexity of their challenge with the appropriate depth of engagement and implementation requirements.

Pricing structure

Naturally, the different engagement models and approaches to knowledge transfer lead to radically different pricing structures. Expert networks are typically more straightforward, offering per-hour, per-project, and pay-as-you-go bases.

This flexible approach to pricing also makes it easier for businesses to test new ideas on calls with expert networks without having to commit substantial consulting budgets from the outset.

Legacy organizations, on the other hand, usually require a more considerable investment. Expect project-based fees, monthly retainers, and so forth, which can make them less accessible for rapid questioning or smaller projects.

Conclusion

When weighing up the merits of expert networks against traditional consultancies, it is clear that there is no obvious winner between the two because both play vital roles in today’s knowledge economy.

Expert networks are the better option for quick, targeted insights that enable companies to make faster and better decisions, particularly during uncertain times. That said, traditional consulting firms remain the go-to for complex, long-term projects that require deep analysis and sustained support.