Stakeholder engagement isn't a linear process; you need to continually monitor your stakeholders, engage with them, record your communications, update their information, and be ready to share all that data at any time. This process is time-consuming and challenging, which is why many organizations choose to outsource their stakeholder engagement and consultation to a third-party who specializes in running stakeholder engagement programs.
Some organizations outsource their stakeholder engagement, using consultants or stakeholder engagement service providers to administer and facilitate their engagement programs, and this model can work great! Professional stakeholder engagement service providers can offer invaluable experience and unique perspectives on how to get your program up and running, with advice on addressing and mitigating issues along the way.
However, even when using an external stakeholder engagement service provider, you need to ensure you retain ownership of your data.
Ownership is best accomplished through the implementation of a collaborative, cloud-based Stakeholder Relationship Management (SRM) software platform that both you and your stakeholder engagement service provider can access at any time.
When we talk about data ownership, we mean your ability to access your stakeholder data and your overall ownership of the information management system used to organize it. There are many reasons you may want instant access to your stakeholder information, which we will discuss in this blog.
Managing engagement with all your unique stakeholders is vital because stakeholder relationships can be varied, numerous and, at times, overwhelming. Having the right information management system in place to help you stay organized is crucial for your organization's success.
An SRM software platform empowers organizations to build strong stakeholder relationships by helping to manage all their data in a well-defined space. Keeping track of all stakeholder interactions in a collaborative platform means everyone is on the same page and understands the history of engagement with stakeholders via shared stakeholder profiles.
Different stakeholder management systems will be easier to navigate and understand than others.
Some SRM systems are advanced cloud-based platforms with elaborate user-based permission options that allow you to provide multi-level access to your team and your stakeholder engagement service providers. These types of platforms allow everyone to enter information easily and enable seamless collaboration between you and your stakeholder engagement service provider.
When evaluating an SRM system, it's important to ensure you choose one with a strong development team backing it, focused on continually developing and supporting the software platform. You don't want your information management system to make it harder to access your information, so selecting the right SRM solution is vital.
Even if you're outsourcing your stakeholder engagement programs, the way your stakeholder engagement data is organized and managed matters for your organization's success.
As the owner of your stakeholder engagement programs, you want your data stored in a system that lets you access it instantly and quickly compile reports. You never know when you'll be asked to pull historical information or provide an update on project progress, so having the ability to do so without putting in a request makes the whole team more empowered and efficient. Typically, organizations don't want a third-party gatekeeper to their own data; they want on-demand access as it's their data.
There are many more questions to consider beyond the quality of your SRM system.
What happens to your data if you switch stakeholder engagement service providers or if you decide you want to manage your stakeholder engagement in-house?
Things can change, so it’s essential to talk with your service provider about your data to understand what happens to it if you decide to go in a different direction in the future.
If you switch stakeholder engagement service providers and you don't get to keep your data, or it's in a format you can't understand, you're at risk of losing valuable information. Not only is this a liability, but it can be extremely frustrating if you end up dealing with the same stakeholders from previous projects and must collect their information all over again.
If you own your data, you should have access to it, so you'll want to discuss your ability to access your stakeholder information with your service provider.
You want to ensure your team can access your data whenever needed, so you want to be clear on any required steps.
Transparency is vital for building trust and relationships, and is essential whether you're dealing with your team, your stakeholders, or your stakeholder engagement service providers.
When it comes to your service providers, you want transparency into what's happening with your data and confidence that your information is being managed safely and in an organized way.
Your stakeholders expect transparency from you through proper engagement, honest information, and assurance that you're protecting the data they've given you (e.g., contact, personal, or financial information).
With these transparency expectations in mind, know where your information is being stored. Is it on a secure, cloud-based software that will protect your sensitive stakeholder information? If not, talk with your service provider about how this confidential data is being protected.
Risks are a reality when you're dealing with stakeholder engagement.
Just as it's essential to develop a stakeholder engagement plan before you begin, you should also consider and plan for potential future risks related to stakeholder engagement.
I want you to know that any issues that arise from the stakeholder engagement process remain your responsibility. Whether you choose to complete your stakeholder engagement in-house or outsource the process, the way your engagement programs are managed will undoubtedly reflect on your organization.
Being on the same page about the ownership and access to your data helps better protect your organization from future risks and frustrations.
There are many stakeholder engagement service providers with dedicated, motivated teams who want to help your projects succeed.
If you're looking for an organization to help you with your stakeholder engagement program, check out our 1-minute explainer video, or book a 15-minute discovery call with a Jambo expert!