Leveraging On-Demand Advisors in the Next Gig Economy

APRIL 4, 2019

By Chris Beaver, Founder & CMO of AdvisoryCloud

Businesses continue to change at an accelerated pace, creating large gaps of knowledge within organizations across every industry. When faced with new challenges or requirements, even the most skilled employees can lack the specific expertise needed, leaving a company without the resources to drive positive business results. In a perfect world, companies could instead gain knowledge from experts whose skills can adapt and thrive on a case-by-case basis. 

According to a Forrester survey by Catalant, 88% of companies agree that specialized talent is essential to the long-term viability of their organization. With experts who can not only understand but also successfully navigate today’s top business challenges like artificial intelligence, cash flow management, or environmental regulations, companies are much more poised to achieve a profitable future. However, high-demand skills are difficult to find and expensive to retain, especially internally.

This is where on-demand work, or on-demand knowledge, can be a lifesaver for companies of all sizes. While the gig economy has become synonymous with low-skill tasks through apps such as ride-sharing’s Uber and Lyft and graphic artist centric 99 Designs and Upwork, the gig economy has brought new access to high-skill knowledge workers as well. In a gig economy, high level executives and deep industry experts are now available to be contracted for short-term engagements. This is a particularly valuable concept at the executive level, where on-demand advisory work allows companies to connect with independent subject-matter experts at the times they need advice the most.

What does it mean to be an on-demand advisor?

An on-demand advisor is just what it sounds like – a qualified advisor who responds to the request of a company seeking strategic guidance. These advisors are most often contracted for an agreed upon length, whether it’s for an hour brainstorming session, extended project, or somewhere in between. As professional executives in their own fields, advisors have much-needed insight into overcoming specific challenges and navigating general ebbs and flows in business.

But as Forrester also reported, despite the large need for bridging gaps within organizations, only 35% of companies are using on-demand knowledge experts. Nevertheless, among those adopting this method, almost 80% reported high satisfaction. So, the main question becomes, if satisfaction is so high, why are so few companies using it? 

Unfortunately, companies struggle with finding the right person or skill set for the job, and furthermore, at a cost they can afford.

Where to find on-demand advisors at an affordable price?

AdvisoryCloud offers a solution to this seeming lack of availability because, in reality, there are thousands of highly-qualified advisors willing to share their knowledge to help other companies grow. AdvisoryCloud has built a network of professional executives with experience on nearly every topic imaginable. Every advisor within the AdvisoryCloud network has a public profile that can be viewed by any company in the world seeking business guidance and can request and schedule a meeting with them directly through their profile.

Companies can also establish Advisory Boards to broadcast their most pressing business questions to a large group to gather the most feedback and insights, whether it’s a question on how to scale a small business from the ground up, or how to transition from brick-and-mortar retail to an e-commerce site. 

These are the same types of questions someone would typically have to ask their peers or contacts within their network. The problem is, these people may not have actual experience in these areas. Now, the door is open for companies to specifically seek out new contacts with real experience, without relying on their own networks. With packaged solutions to fit every company’s individual needs, AdvisoryCloud makes it easier and more affordable for companies to work with these advisors on a more regular basis.

Regardless of how often or how little you use advisors, the point of an on-demand advisor is that they are there when you need it. Ultimately, this method of using advisors enables companies to tap into a human intelligence network that uses shared knowledge as a way to achieve greater decisions and solutions.

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