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Good progress is reported for stakeholder engagement and support but there is still a long way to go.
While respondents have consistently reported good progress in achieving stakeholder engagement and support, the evidence suggests there is still a lot of work to do. None of the three key stakeholder groups identified – executive and senior management, business and operational stakeholders, or suppliers – are fully engaged by more than 50% of respondents. Leaders have a much higher level of engagement but still not at the level it needs to be. Stakeholder engagement is almost impossible without having a clear understanding of what the SRM value proposition is. Overall, 43% of respondents have created a value proposition. However, only 14% have communicated this to all impacted stakeholders. More evidence of real commitment from senior stakeholder is required. This should include assuming the accountable executive role for key rela- tionships. At themoment, only just over half the leaders have anaccountable executive in place for more than 75% of their key supplier relationships. A better understanding of how strategic relationships are, would benefit both buy and sell side. At the moment, 25% of the SRM programmes that the sell side are engaged in, are not with customers they regard as stra- tegic. Around 16% of buy side companies don’t know if their key suppliers regard them as a strategic customer.
Highlights 69% of leaders are fully engaged with executive and senior man- agement stakeholders, com- pared to only 23% of followers. Less than 60% of respondents have any real engagement with business and operational stake- holders impacted by SRM. Under 50% of respondents report that they have fully engaged with the suppliers as stakeholders in SRM. The IT / high tech sector has the best internal stakeholder engagement and FMCG the best with suppliers.
Stakeholder engagement and support best practice › › Effective stakeholder management resulting in strong and active stakeholder engagement across executives, business and suppliers. › › Stakeholder management is an ongoing activity, with stakeholders being identified by level of influence / authority and level of support. › › All strategic supplier relationships have accountable executives in place from both parties. › › A robust SRM value proposition has been developed and shared with all impacted stakeholders.
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