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Saturday, November 7, 2015

The End of Expertise

By Bill Fischer
Harvard Business Review
Originally published October 19, 2015

Here is an excerpt:

Increasingly, expertise is losing the respect that for years had earned it premiums in any market where uncertainty was present and complex knowledge valued. Along with it, we are shedding our reverence for “expert evaluation,” losing our regard for our Michelin guides and casting our lot in with the peer-generated Yelps of the world.

Not only is the character of expertise changing, but at the same time, new client needs are emerging. Firms are fearful of being vulnerable to an unknown (not uncertain) future; and at the same time, conditioned by living in an internet world, they expect instant knowledge responses at reasonable prices. Expertise providers are finding that the models that they have long relied upon (e.g., the familiar five forces model) are losing some of their potency, as they are based upon assumed knowledge that is increasingly difficult to determine (What industry are we in? Who are our competitors? What are our core-competencies?), and are more like time-lapse photography in presentation than the customer’s contemporary expectations of real-time, virtual streaming engagement.

The entire article is here.