Project costs often don’t include stakeholder engagement which in the long run can cost you much more. Having a stakeholder engagement platform is the smart way to cost-effectively communicate on your project.
Every project involves cost elements – people, materials and time. However, one of the major hidden costs is from not investing in a stakeholder engagement portal or proper stakeholder management.
Indeed, engaging with various stakeholders (internal and external) is an essential part that contributes to the success of any project and not having the most appropriate stakeholder engagement software or none at all can result in significant costs.
For your reference, we have listed some of the hidden costs that you acquire when you do not have an adequate stakeholder engagement portal in place, and we are certain that you will be able to relate with most of them.
The hidden costs of not having a stakeholder engagement platform:
- You keep on revisiting the loop– If you do not have an automated system in place, you keep on juggling between multiple spreadsheets and consolidating various feedback/issue sheets that could be time-consuming and have more chances of errors.
- Missing out on conversations– The communications among various stakeholders and team members will obviously happen, but you cannot be there every time. By not having a centralized communication channel, you can miss out on some important discussions.
- Less engagement– Since you will have to message or mail to every stakeholder individually to update them and keep engaging with them, it can often get more time consuming hence either resulting in less engagement or reduced time for other important tasks.
- Brain drain– When there is no or scattered record of communications, you run the risk of missing out on important ideas and intelligence reviews by your stakeholders. Besides, you will not have any knowledge banks to leverage for your future projects and teams.
- Delay in decision making– You will not be able to quickly review all the discussions and ask for opinions from your stakeholders, thus causing delay in making decisions at every stage. Subsequently, this could harm your reputation among stakeholders and demoralize your team.
Get an All-Inclusive Stakeholder Engagement Platform Now
These hidden costs can easily be mitigated if you will invest in a stakeholder management software that suits the requirements of your business. Engagement Hub is one of the most reliable and preferred stakeholder engagement platform being used by the leading organizations across industries.
Designed by the stakeholder engagement experts and providing an end-to-end solution for all your communication requirements with stakeholders, communities, employees, and committees, this is a fully integrated stakeholder management and community engagement software.