Manage Stakeholder Relations
Make proper stakeholder management a habit.
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Contributors
- Alvarez & Marsal Business Consulting
- Chickasaw Nation
- College of Charleston
- Sanlam Personal Finance: IT
- University of Detroit Jesuit High School
Your Challenge
- As a CIO, you are responsible for addressing a wide variety of competing demands of many different stakeholders.
- Stakeholders can be difficult to identify; it is often these hidden stakeholders that can unexpectedly derail your agenda.
- Understanding which of your stakeholders are most important and determining the best way to address the needs of each one can be complex and time consuming.
Our Advice
Critical Insight
- Stakeholder management is more important than you realize. Surveys have found that stakeholder management is the number one factor in CIO success.
- Stakeholder management is an everlasting process as the stakeholder landscape is constantly shifting. Proactively and perpetually engage with your stakeholders, and update your plan and approach on an ongoing basis.
Impact and Result
- Optimize your stakeholder management process to identify, prioritize, and effectively manage key stakeholders.
- Develop and maintain strong relationships with stakeholders to gain easier buy-in and support for current and future initiatives.
- Track your ongoing stakeholder management progress with Info-Tech’s weighted net promoter scoring.
2. Identify stakeholders
Ensure that all stakeholders are identified and none are missed.
3. Analyze stakeholders
Assess a stakeholder’s influence, interest, and support to determine priority for actions to be taken.
4. Manage stakeholders
Develop a stakeholder management plan and communication plan.
5. Monitor stakeholder management
Measure and monitor the success of your stakeholder management process.
Guided Implementations
This guided implementation is a four call advisory process.
Call #1 - Validate your stakeholder list
Get the whole picture: Review your list of stakeholders and your approaches to finding them. Discuss areas of weakness and possible hidden stakeholders.
Call #2 - Review stakeholder influence and prioritization
Analyze your stakeholder map: Recognize who the most important stakeholders are and where to focus your efforts. Notice their motivations and any downstream influencers or stakeholders who could impact your stakeholders’ opinions.
Call #3 - Review your stakeholder management strategy
Implement your stakeholder management plan: Plan to keep your stakeholders supporting your initiative and strategize to convert your blockers or mitigate their effects.
Call #4 - Measure your stakeholder management progress
Check your progress: Re-check your stakeholder satisfaction and compare your results against the baseline data you took before you began this blueprint to see how far you’ve come.
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Stakeholder Relations
Make proper stakeholder management a habit.
This course makes up part of the Strategy & Governance Certificate.
Course information:
- Title: Stakeholder Relations
- Number of Course Modules: 5
- Estimated Time to Complete: 2-2.5 hours
- Featured Analysts:
- Paul Brown, Sr. Research Director, CIO Practice
- James Alexander, SVP of Research and Advisory, CIO Practice
- Now Playing: Academy: Manage Stakeholder Relations | Executive Brief
Book Your Workshop
Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Identify stakeholders
The Purpose
- Develop a complete list of all stakeholders.
- Do not forget or miss any key stakeholders.
Key Benefits Achieved
- A complete list of stakeholders that reduces the number of surprise stakeholders who could derail your initiative.
Activities
Outputs
Use a 360 degree view to identify initial stakeholders.
- Identified initial stakeholders.
Identify stakeholders through business capability mapping.
- Business capability mapping of stakeholders.
Identify stakeholders through business process mapping.
- Business process mapping of stakeholders.
- List of stakeholders.
Module 2: Analyze stakeholders
The Purpose
Prioritize key stakeholders.
Key Benefits Achieved
Know where to focus efforts.
Activities
Outputs
Focus your efforts.
Take stakeholder PULSC.
- Stakeholder map.
Determine stakeholder interest.
Assess stakeholder support.
Identify most important stakeholders.
- Prioritized list of stakeholders.
Prioritize stakeholders.
Module 3: Manage stakeholders
The Purpose
Develop management and communication tactics with key stakeholders.
Key Benefits Achieved
Created a proactive way to interact effectively with stakeholders.
Activities
Outputs
Define stakeholder management plan components.
- Stakeholder Management Plan.
Select engagement tactics for each stakeholder type.
Determine stakeholder communication styles.
- Communication Plan.
Use effective communications to build relationships.
Complete your stakeholder management plan.
Module 4: Monitor stakeholder management
The Purpose
Measure stakeholder management process success.
Key Benefits Achieved
Tracked your success to determine areas for continual improvement.
Activities
Outputs
Monitor stakeholder management success.
Use NPS as a metric.
Weight your NPS.
- Stakeholder Analysis Tool tab 8, WNPS.
Collect data effectively.
Keep a written record.
