Stakeholders are a group or an individual that has interest or concern in a business organization and holds the potential to affect or be affected by the business’s activities, policies, regulations and achievements. The most distinctive Stakeholders of any organization are the Investors/Owners, managers, employees, suppliers, customers and the community. Maintaining a healthy relationship with the stakeholders holds the key to a good business because they are either financially or otherwise committed to the organization and can be influenced by the operation and productivity of the business.
Stakeholders can either be direct or representational. When a group or individual’s interest in the company or organization have its origins from direct employment, investment or ownership, they have a direct stake in the company’s performance, and are thus ‘Direct Stakeholders’. The entities that fall under this category are employees, board members, managers, donors and investors. On the other hand, there are groups or individuals that can be affected by the company’s resolutions and developments but their stake is more representational than direct as they are external to the company. Customers, suppliers, creditors, NGOs, government agencies etc are the secondary set of stakeholders.
Identifying and studying the stakeholders play an important role in a company’s success. In order to make a balanced, unbiased and effective decision that doesn’t disappoint or favor any specific stakeholder; most companies conduct ‘stakeholder analysis’. It is a process by which the demands and influence of stakeholders are weighed and calculated to find out which group will affect or be affected by the decision, in a ranking order. For a business to thrive, the company has to build effective stakeholder relationship and not view them as remote and isolated entities.
Building the Bridge Between Finance and Operations for More Effective Enterprise Project Planning
White Paper By: Platinum DB Consulting
Corporations across the full spectrum of industries have been planning and executing projects since their founding. Across the passage of time methodologies and processes mature, tools are introduced and enhanced, knowledge is acquired and shared, practices (both good and bad) become ingrained into the corporate culture. For many of these businesses anything greater than a minor change to the...
Transaction Reporting – what’s changing?
White Paper By: AutoRek
Transaction Reporting is one of the key priorities for regulators. Some are already warning that there will be no latitude for non-compliance, including late reporting. The aim of Transaction Reporting is to assist EU regulators in the detection and investigation of suspected market abuse. By implementing a robust, automated financial control regime, investments firms will ensure readiness...
5 Ways Electronic Invoicing Helps Businesses Get Paid Faster
White Paper By: Basware
Electronic invoicing delivers efficiencies across the accounts receivable cycle: invoice creation, invoice delivery, dispute management, posting, and reporting and analytics. Most importantly, reducing Days Sales Outstanding (DSO) with electronic invoicing enables businesses to reinvest more quickly to drive company growth. This white paper details the inefficiencies of...
Are You A Full-Stack CFO?
White Paper By: Mineraltree
The most basic definition, of Chief Financial Officer (CFO) is “the senior manager responsible for overseeing the financial activities of an entire company.” But, this definition is actually quite narrow. A tech savvy (full stack) CFO uses technology to drive innovation across the four faces (steward, operator, strategist, and catalyst) to lead the charge in improving efficiency,...
8 Financial Reports Every Facilities Manager Needs (and Every CFO Loves)
White Paper By: ServiceChannel
Facilities managers are tasked with all kinds of responsibilities, from ensuring the look and feel of a company’s locations remains in top notch order to literally keeping the lights on. Being a facilities manager is critical to maintain visibility into all aspects of the operations, particularly from the financial perspective. This whitepaper discusses all the metrics that are...
Does Your Finance Department Consume Your Time Or Add Value?
White Paper By: Consero Global Solutions
Not having a clear financial picture of your company can lead to disaster. Growth can put a tremendous strain on your financial department: the people, processes and technology necessary for the company to continue successfully. Today, organizations are squeezing their finance and accounting functions like never before. Migrate to an enterprise-level accounting package that is connected to...
2018 All Rights Reserved | by: www.ciowhitepapersreview.com