Stakeholder Management

An important aspect of running a successful sourcing initiative. It is the process of forming, monitoring and maintaining constructive relationships with stakeholders. Stakeholder management involves identifying the supportive stakeholders who will advocate to move forward with initiatives. This can be done by engaging stakeholders in procurement projects and encouraging buy-in. This involves a stakeholder accepting an idea or proposition, and agreeing to commit to the plan. There are three types of stakeholders: internal, connected, and external.