Building and maintaining trusting relationships with your stakeholders is may positively or negativeky impact your organisation. At the core, activities and projects of an organisation should in best practice be influenced by your stakeholders. So the your operational success is strongly tied to how well you manage, as well as engage your stakeholders.
A stakeholder management system is essential to provide a single point of truth for managing, engaging and communication with stakeholders. But what is a stakeholder management system? How can it help you? Let’s find out.
What is A Stakeholder Management System?
Most people make the mistake of confusing a Stakeholder Management System with a CRM (Customer Relationship Management) software which is a completely different system. A CRM is highly transactional, aimed at converting and managing customers whereas a Stakeholder Relationship Management (SRM) software is focused on building long-term relationships with stakeholders in an effort to build a dialogue and mitigate potential organisational. SRM software records every history of interaction with your stakeholders which is an important step of stakeholder engagement.
5 Benefits of A Stakeholder Management System
- Prioritise: With a best-in-class stakeholder management system, you can readily identify, group and map your stakeholders according to their level of influence and impact. Prioritising stakeholders according to the impact and influence they have is pivotal as it assists in structuring your engagement methodolgy. This way, you can create engagement strategies based on the extent of participation expected from your stakeholders.
- Build Stronger Relationships: Stakeholders are different from customers. The aim of engaging customers is to retain them, however, with stakeholders the aim is to build long-term partnerships that help both the stakeholders and the organisation. A good idea is to invest in a Stakeholder Relationship Management (SRM) tool that can monitor and manage the engagement activities in order to build mutual trust and credibility in your organisation.
- Make Better Decisions: Gone are the days when stakeholder management was recorded in excel sheets. Now stakeholder management software comes with advanced features to measure the level of engagement and analyse the response received from stakeholders. This advanced reporting system can help in creating better engagement strategies.
- Identify Opportunities: In the world of instant gratification, where everything is available here and now, maintaining a proactive attitude is essential. A stakeholder management system can help you identify opportunities instantly so you can act fast and do what is necessary to convince your stakeholders of a proposed course of action.
- Use Resources Effectively: When you are aware of what your stakeholders expect then you can employ the resources available wherever and whenever they are needed. A quick response can make a huge difference especially when it comes to sustaining an organisation effectively.
Now that you know all there is to know about stakeholder management systems, are you ready to invest in a dedicated tool that manages your relationships effectively with your stakeholders? Then get in touch with us.