Who Are Your Stakeholders?

Categories : Procurement Goals | Improve Credibility | Assess Opportunity | Set Strategy Published on : Apr 24 2018

By: ProcurementIQ Staff Writer, Kiera Outlaw

The success of any procurement department is partially due to the commitment, input and collaboration of its key stakeholders. But what, exactly, is a stakeholder? A combination of definitions boils the essence down to a party (or parties) with an interest in a company that can either affect or be affected by the business. Using that definition, your stakeholders are all around you. From departments and business units within your organization to your external suppliers to competitors – they’re all stakeholders. It’s important that you define who your stakeholders are and doubly important to ensure that you’ve got strategic plans and processes in place that align to their interests and needs.

Keep in mind, however, that not all stakeholders are equal. Let’s go through the process of identifying your stakeholders and outlining the communication process for identifying their wants and needs.

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