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(2023).
Cross-
Industry I nsights: A Com prehensive Re view Of E ffective S takehold er Manage ment Bene fits.
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RESEARCH ARTICLE
Materials & Corrosion Engineering Management
(MACEM)
DOI: http://doi.org/10.7508/macem.01.2023.12.19
CROSS-INDUSTRY INSIGHTS: A COMPREHENSIVE REVIEW OF EFFECTIVE
STAKEHOLDER MANAGEMENT BENEFITS
Chibuike Daraojimbaa*, Casandra Okogwub, Blessed Afeyokalo Egbokhaebhoc, Ahmed Rajid, Abosede Olusade Koladee, Bolaji Ismail Olaleref
a Graduate School of Technology Management, University of Pretoria, South Africa
b Independent Researcher, Lagos
c Independent Researcher, UK
d Greenlight Planet (Sun King Solar), Nigeria
e Department of Marketing and Bus., Texas A&M University, Commerce Texas, USA
f Independent Research Engineer, Lagos
*Corresponding Author Email: chibuike.daraojimba@tuks.co.za
This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and
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ARTICLE DETAILS
ABSTRACT
Article History:
Received 23 June 2023
Accepted 27 July 2023
Revised 01 September 2023
Available online 09 September 2023
In an age of increasing project complexity and inter-industry collaboration, successful stakeholder
management has emerged as a pivotal aspect of project management, ensuring that projects achieve their
objectives and gain acceptance and support from all involved entities. This review article delves into the
multifaceted realm of stakeholder management, focusing on its benefits in cross-industry projects – a
relatively new and increasingly relevant area of study. Through a comprehensive analysis of recent studies,
we elucidate the tangible and intangible advantages that effective stakeholder management brings to projects
that span multiple industries. Key findings indicate that adept management of stakeholders leads to enhanced
communication, reduced risks, optimal resource utilization, and project success. Furthermore, in cross-
industry projects, it fosters innovation, drives alignment of industry-specific objectives, and facilitates
knowledge sharing, thus yielding competitive advantages for all involved parties. This article aims to guide
practitioners and researchers alike in understanding the pivotal role of stakeholder management in modern,
inter-industry projects, highlighting its significance as a cornerstone for achieving synergistic project
outcomes.
KEYWORDS
Stakeholder management, communication, cross-industry, benefits, strategy, stakeholders, technology
1. INTRODUCTION
1.1 Background of Cross-Industry Projects
Cross-industry projects have become a prominent strategy in
contemporary business environments, moving away from the traditional
siloed approach towards a more integrated and collaborative method
(Rantala et al., 2021). This shift is supported by the recognition that cross-
functional integration can lead to performance benefits (Turkulainen and
Ketokivi, 2012). Cross-functional integration refers to the coordination
and collaboration of different functional areas within an organization
(Turkulainen and Ketokivi, 2012). Cross-industry collaborations involve
the collaboration of entities from diverse industry sectors with the aim of
achieving a common goal. This collaborative approach merges different
expertise, technologies, and methodologies, leading to various benefits
(Turkulainen and Ketokivi, 2012). One of the key advantages is the
fostering of innovation through the integration of diverse perspectives
and knowledge from different industries (Bellini et al., 2018). By
combining expertise and resources, organizations can develop innovative
solutions that may not have been possible within a single industry.
Additionally, cross-industry collaborations help diversify risks by
spreading them across multiple industries, mitigating the impact of
industry-specific risks and uncertainties. Furthermore, such
collaborations have the potential to increase profitability by leveraging
the strengths and capabilities of different industries (Bellini et al., 2018).
The inception of cross-industry collaborations can be traced back to the
late 20th century when businesses began recognizing the value of
interdisciplinary knowledge. The process was further accelerated by
globalization and the advent of digital technologies, which facilitated the
exchange of ideas and collaboration across industries. For example, the
collaboration between the tech and automotive industries in the
development of electric vehicles exemplifies the merging of expertise in
software and automation with vehicle design and mechanics (Bellini et al.,
2018).
Key drivers of cross-industry collaborations include the rapidly changing
business landscape, technological advancements, and increasing market
demands (West and Gallagher, 2006). These factors have created a need
for organizations to collaborate across industries to address complex
challenges and capitalize on emerging opportunities. For example, the
union between the health and tech sectors has paved the way for e-health
solutions, which leverage innovative technological interventions to
address modern healthcare challenges (West and Gallagher, 2006).
Despite the potential benefits, cross-industry projects are not without
challenges. Merging diverse corporate cultures, reconciling differing
objectives, and ensuring effective communication across sectors can be
daunting, regulatory hurdles can pose significant challenges, especially
when industries with stringent regulatory environments collaborate with
more agile sectors (Ciliberto et al., 2019).
1.2 Importance of Stakeholder Management in Cross-Industry
Projects
Stakeholder management is a crucial aspect of modern project
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(2023).
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management, especially in cross-industry collaborations. Effective
stakeholder management in these projects is essential for bridging
communication gaps that may arise due to sectoral differences (Tampio et
al., 2022; Mladenovic et al., 2013). Stakeholder management involves
identifying, understanding, and engaging individuals or groups with
vested interests in the project outcome (Senaratne & Rai, 2022). In cross-
industry settings, these stakeholders can range from senior executives and
project managers to external regulatory bodies and end-users (Senaratne
and Rai, 2022). Addressing the interests and concerns of such a diverse
group is paramount to ensure project alignment and successful execution
(Senaratne and Rai, 2022; Fassin et al., 2016). Historical reviews of failed
cross-industry initiatives have indicated that inadequate stakeholder
management was a recurring cause (Senaratne and Rai, 2022).
Furthermore, according to research has shown that effective stakeholder
management in cross-industry collaborations can lead to improved
resource allocation, timely project deliveries, and higher overall
satisfaction (Juha-Antti Rankinen et al., 2022). These positive outcomes
not only benefit the immediate project but also contribute to an
organization's reputation across industries, setting the stage for future
collaborations (Tampoi et al., 2022). In conclusion, considering the
complexities and unique challenges of cross-industry projects, it is
undeniable that effective stakeholder management plays a critical role. By
ensuring alignment, clear communication, and active engagement,
organizations can drive their projects towards desired outcomes and pave
the way for continued success in cross-industry collaborations (Gilroy,
2022).
1.3 Objective of the Article
▪ To provide an overview of cross-industry projects and their rising
significance.
▪ Highlight the integral role of stakeholder management within these
projects.
▪ Analyse the benefits of adept stakeholder management in diverse
industry collaborations.
▪ Discuss challenges and best practices associated with managing
stakeholders.
▪ Offer insights for organisations aiming to optimise cross-industry
project outcomes.
2. OVERVIEW OF STAKEHOLDER MANAGEMENT
2.1 Definition and Key Concepts
Stakeholder management has become a fundamental aspect of project
management, as it plays a significant role in determining project outcomes.
According to a group researchers, stakeholders are defined as "any group
or individual who can affect or is affected by the achievement of the
organization's objectives (Donaldson and Preston, 1995)." This definition
emphasizes the broad influence that stakeholders have, encompassing
both internal and external entities. In the context of cross-industry
projects, the range of stakeholders is even more comprehensive due to the
convergence of multiple sectors. These stakeholders can include internal
teams from partnering industries, regulatory bodies, customers, suppliers,
and even the general public (Donaldson and Preston, 1995).
Each stakeholder group, with its unique interests and level of influence,
has implications for project decision-making and overall trajectory. The
study conducted by Gamil and Rahman Gamil and Rahman examines the
impact of Industry 4.0, also known as the Fourth Industrial Revolution, on
project communication and management in the construction industry
(Gamil and Rahman, 2018). Industry 4.0 introduces new communication
technologies that focus on automation, digitalization, and the global use of
information (Gamil and Rahman, 2018). These advancements in
technology have drastically changed the communication process in project
management, offering real-time solutions to traditional project
management problems (Nwobodo-Anyadiegwu, 2022). The integration of
Industry 4.0 technologies has also contributed to the improvement of
communication systems in projects, leading to greater efficiency through
digitalization and the integration of new technologies (Nwobodo-
Anyadiegwu, 2022).
Furthermore, the study by examines the impact of project management
methodologies (PMMs) on project success in the oil and gas industry
(Abdulla et al., 2019). The research explores different project
methodologies used in the industry and their strengths and weaknesses.
The findings emphasize the importance of selecting appropriate PMMs to
achieve project success (Abdulla et al., 2019).
In addition, the breadth of stakeholder consideration and the utilization of
informal institutions are crucial in stakeholder management. A group
researchers discuss how understanding the role of stakeholders, including
their expectations and interests, enables firms to prioritize stakeholder
expectations and build trust among these influential groups (Tolmie et al.,
2019). Multiple stakeholder consideration strengthens the relationship
between organizations and stakeholders, allowing managers to balance
profit needs with social responsibility (Tolmie et al., 2019). Overall,
stakeholder management is essential in project management, as it
involves understanding and addressing the interests and influence of
various stakeholders. By effectively managing stakeholders, project
managers can make informed decisions and steer projects towards
successful outcomes.
2.2 Brief History and Evolution of Stakeholder Management
Theories and Practices
The concept of stakeholder management has a long history, dating back to
the mid-20th century when businesses began to recognize the importance
of considering the interests and influences of various internal and external
groups for their success. This recognition led to the development of
stakeholder theory, which gained prominence in academic and corporate
circles through seminal work that presented a structured approach to
understanding and managing stakeholder interests (Donaldson and
Preston, 1995).
Over the decades, stakeholder management practices have evolved in
response to the changing global business landscape. In the 1990s, as
companies expanded and globalization became the norm, the complexity
of stakeholder relationships increased, necessitating more nuanced
management strategies (Donaldson and Preston, 1995). Additionally, the
rise of corporate social responsibility (CSR) in the early 2000s further
emphasized the role of stakeholders, with businesses increasingly
recognizing their broader societal and environmental responsibilities
(Donaldson and Preston, 1995). The evolution of stakeholder theory and
its integration into strategic management research has been a topic of
discussion and debate. While stakeholder theory was originally conceived
as a theory of strategic management, it had limited impact on strategy
research for a significant period of time. However, in recent years, there
has been a noticeable "stakeholder turn" in the strategy field, with scholars
recognizing the importance of stakeholder considerations in shaping
organizational strategies (Bridoux and Stoelhorst, 2022).
The stakeholder theory has been influential in shaping management
practices and has been linked to various outcomes. Instrumental
stakeholder management, which focuses on the link between stakeholder
practices and desired outcomes, has provided new insights into the
development of competitive advantage and business outcomes (Goyal,
2020). Stakeholder management has also been recognized as a tool to
transfer ethics to management practice and strategy, contributing to the
popularity of the stakeholder model (Fassin, 2008).
In summary, the concept of stakeholder management has a long history,
with its origins dating back to the mid-20th century. Stakeholder theory
has evolved over time, responding to the complexities of the global
business landscape and the increasing recognition of corporate social
responsibility. The integration of stakeholder considerations into strategic
management research has gained traction in recent years, highlighting the
importance of stakeholder management in shaping organizational
strategies.
2.3 Modern Challenges in Stakeholder Management for Cross-
Industry Projects
Modern cross-industry projects face complex challenges in stakeholder
management, particularly due to the convergence of different industry
cultures, which often leads to misaligned objectives and expectations
(Donaldson and Preston, 1995). Additionally, technological disparities can
hinder efficient communication between stakeholders from different
sectors (Deguchi et al., 2023). These multifaceted challenges necessitate
the implementation of refined stakeholder engagement strategies to
ensure project alignment and success (Edlmann and Grobbelaar, 2021).
To address these challenges, a multidimensional framework for
conceptualizing stakeholder engagement practices has been proposed
(Edlmann and Grobbelaar, 2021). This framework emphasizes the
importance of effective and fruitful stakeholder interactions within and
around a network. It also highlights the significance of recurring
engagement of civil society, including marginalized stakeholders, in
addressing complex social challenges (Edlmann and Grobbelaar, 2021). By
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(2023).
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incorporating stakeholder engagement practices that reflect stakeholder
priorities, projects can enhance their effectiveness (Martinez et al., 2021).
3. BENEFITS OF EFFECTIVE STAKEHOLDER MANAGEMENT IN
CROSS-INDUSTRY PROJECTS
3.1 Strategies for Effective Stakeholder Management in Cross-
Industry Projects
Cross-industry projects present intricate challenges in stakeholder
management due to integrating diverse industry cultures, values, and
objectives. Therefore, effective stakeholder management strategies are
crucial for ensuring such projects' success. Stakeholder Identification and
Mapping: The first step involves identifying all potential stakeholders
across industries and categorising them based on their influence and
interest in the project. Tools like the Power/Interest Grid can facilitate this
process, allowing project managers to prioritise stakeholder engagement
efforts effectively (Peings et al., 2013). Open and Transparent
Communication: Foster an environment where stakeholders can express
their concerns, insights, and feedback. Regular communication reduces
ambiguities and builds trust among stakeholders from different sectors.
Leveraging digital communication platforms can enhance this, ensuring
real-time updates and transparent dialogues (Bhatt et al., 2021).
Stakeholder Integration Workshops: Organizing workshops that foster
collaboration among representatives from different industries has the
potential to bridge knowledge gaps and align project objectives. These
workshops serve as a platform for dialogue and knowledge exchange
between academics, policymakers, and stakeholders. By bringing together
individuals with diverse expertise and perspectives, these workshops can
harmonize the project vision and facilitate a shared understanding of goals
and objectives. Furthermore, such workshops can also promote team
cohesion by fostering a sense of camaraderie and shared purpose among
participants (Redvall and Møller, 2021).
Feedback Mechanisms: Implementing a robust feedback mechanism is
crucial for ensuring continuous stakeholder input throughout the project
lifecycle (Saxena and McDonagh, 2020). When feedback is analysed and
acted upon, it can provide valuable insights for making adjustments and
refinements to the project (Chigona et al., 2010). Embrace Cultural
Differences: Recognizing and embracing the cultural differences of
stakeholders from various industries is crucial in project management.
Encouraging diversity can lead to innovative solutions and a broader
perspective on project challenges and opportunities (Ely and Thomas,
2001).
Monitoring and Evaluation: Monitoring stakeholder engagement activities
is crucial for ensuring the adequacy and relevance of strategies. By
conducting periodic evaluations, project managers gain valuable insights
into areas that require improvement, enabling them to make necessary
adjustments to the project design as it progresses (Boaz et al., 2018). In
conclusion, stakeholder management in cross-industry projects
necessitates blending traditional and innovative strategies. Recognising
the unique challenges of such collaborations and implementing tailored
stakeholder management techniques can significantly enhance project
outcomes.
3.1.1 Stakeholder Identification and Mapping
The first step in stakeholder management, particularly in cross-industry
projects, is the identification of stakeholders and understanding their
relative importance and influence. This step is crucial as the success of any
project relies on addressing the needs and concerns of thriving
stakeholders. In cross-industry endeavours, stakeholders can be diverse,
ranging from internal teams of collaborating industries and regulatory
bodies to the public. Given this diversity, the identification process can be
intricate. A systematic approach is recommended, which includes
brainstorming sessions, interviews with key personnel across industries,
and a review of project documentation (Donaldson and Preston, 1995).
After identifying the stakeholders, mapping them becomes essential. The
Power/Interest Grid is a popular tool for this purpose, as it categorizes
stakeholders based on their power over the project and their interest in
its outcomes. This matrix assists project managers in visualizing which
stakeholders need close management, who should be informed, who to
monitor, and who to satisfy (Lou et al., 2021). In cross-industry scenarios,
it is imperative to consider the unique influences each industry brings.
Sector-specific regulations, market dynamics, and consumer perceptions
can significantly sway stakeholders' power and interest levels,
necessitating adjustments in the mapping process (Rahma et al., 2021).
Stakeholder identification and mapping in cross-industry projects lay the
foundation for all subsequent stakeholder management activities. This
process ensures that all influential parties are considered, and their
interests are appropriately addressed throughout the project lifecycle
(Donaldson and Preston, 1995).
To effectively introduce and implement initiatives such as genomic
medicine and pharmacogenomics, it is crucial to consider the interests and
attitudes of stakeholders. Mapping the power, interest, and stance of
stakeholders is essential in the endeavour of full implementation (Rahma
et al., 2021). Similarly, in the context of implementing Child Friendly City
(CFC) policies, stakeholder mapping based on the level of influence and
interest is analysed using the power and interest matrix. This analysis
helps identify key players with a high level of interest and influence in
policy implementation (Sofiyah, 2022).
Stakeholder identification and mapping are critical steps in stakeholder
management, especially in cross-industry projects. The systematic
approach of identifying stakeholders through brainstorming sessions,
interviews, and document review helps ensure that all influential parties
are considered (Donaldson and Preston, 1995). The Power/Interest Grid
is a useful tool for mapping stakeholders based on their power and interest
levels (Lou et al., 2021). Additionally, considering the unique influences of
each industry and sector-specific factors is crucial in accurately mapping
stakeholders (Rahma et al., 2021). These processes lay the foundation for
subsequent stakeholder management activities and ensure that
stakeholders' interests are appropriately addressed throughout the
project lifecycle (Donaldson and Preston, 1995).
3.1.2 Open and Transparent Communication
Effective stakeholder management in cross-industry projects relies
heavily on effective communication. Open and transparent
communication is crucial for streamlining the flow of project-related
information and building trust among diverse stakeholder groups
(Mwesigwa et al., 2019). In cross-industry projects, where different
industries come together, there is a risk of misinterpretations due to
varying terminologies and business practices. To mitigate potential
misunderstandings, it is recommended to create a unified communication
channel. Platforms that allow real-time updates, feedback, and
collaborative editing can be particularly beneficial in facilitating effective
communication in cross-industry projects. These platforms enable
stakeholders to stay updated and provide timely input, enhancing
collaboration and problem-solving. Establishing regular communication
checkpoints is imperative in stakeholder management. These checkpoints
can take the form of periodic briefings, stakeholder meetings, or progress
updates. Regular and structured communication ensures that all
stakeholders are aligned with project goals and are aware of any
developments.
Transparency is equally critical in stakeholder management. It involves
sharing project successes, discussing challenges and setbacks, and being
upfront about potential risks and issues. By being transparent, project
managers foster an environment of trust, encouraging stakeholders to be
more collaborative and supportive in navigating project complexities. In
summary, effective communication is the cornerstone of successful
stakeholder management in cross-industry projects. Open and
transparent communication helps in streamlining information flow,
building trust, and mitigating misunderstandings. Regular communication
checkpoints and transparency further contribute to aligning stakeholders,
fostering trust, and ensuring project success (Mwesigwa et al., 2019).
3.1.3 Risk Mitigation
Mitigating risks is one of the most salient benefits of adept stakeholder
management in cross-industry projects. With multiple industries involved,
the potential for misunderstandings, conflicting interests, and unforeseen
challenges increases manifold. Stakeholders, equipped with unique
knowledge of their respective industries, can offer insights that may be
overlooked by project teams immersed in the technicalities of the project.
These insights often prove invaluable in identifying potential pitfalls or
areas of concern early in the project lifecycle.
Effective stakeholder management entails regular consultations and
feedback sessions and is a pre-emptive measure against these risks. By
tapping into the collective intelligence of diverse stakeholder groups,
project teams can foresee challenges, allocate resources efficiently, and
implement corrective actions before minor issues escalate into major
problems. Moreover, an inclusive approach, where stakeholders feel their
concerns are genuinely considered, creates an environment where they
actively participate in risk identification and solution generation. This
collaborative effort mitigates risks and fosters a culture of shared
responsibility and trust. Risk mitigation through comprehensive
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(2023).
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stakeholder management is not merely a project management best
practice; it is a strategic imperative for the success of cross-industry
projects (Donaldson and Preston, 1995).
3.1.4 Innovation Enhancement
Cross-industry collaborations naturally foster a diverse range of ideas that
arise from the intersection of different areas of expertise and perspectives.
Effective stakeholder management plays a crucial role in amplifying this
advantage and catalysing innovation. Stakeholders, with their deep-rooted
industry knowledge, bring fresh approaches, solutions, and practices that
may be unfamiliar to other collaborating parties. By creating an
environment where stakeholders feel valued and heard, projects can tap
into this wealth of knowledge and translate it into innovative outputs
(Saengnoree et al., 2022).
Furthermore, a structured stakeholder management process promotes a
culture of continuous feedback, enabling real-time iterations and
improvements in project strategies. This iterative process enhances the
quality of project deliverables and ensures that they reflect the best
practices from all the involved industries. It is important to note that
stakeholder management in cross-industry projects goes beyond simply
managing diverse groups; it is about harnessing their collective
intelligence to elevate innovation and achieve superior outcomes
(Saengnoree et al., 2022).
3.1.5 Cultural Synergy
Cross-industry projects bring together diverse corporate cultures, each
with its own set of norms, values, and practices. Successfully navigating
this cultural diversity is crucial for the success of such projects, and
stakeholder management plays a vital role in facilitating this process.
When stakeholders from different industries collaborate, there is a wealth
of cultural capital that can be harnessed. However, unlocking this potential
requires effective communication, mutual respect, and a deep
understanding of each stakeholder's cultural nuances. To prioritize
cultural integration, effective stakeholder management strategies
advocate for workshops, team-building activities, and inter-industry
exchanges. These initiatives aim to cultivate a shared project culture that
respects individual backgrounds while also championing a unified project
identity. By emphasizing cultural cooperation through stakeholder
management, cross-industry projects can transform potential cultural
clashes into collaborative strengths, enriching the overall project
experience (Kogut and Singh, 1988).
3.1.6 Enhancing Mutual Accountability
Cross-industry projects often face the challenge of distributed
accountability, as multiple stakeholders are involved. Ensuring that every
party remains committed and accountable is crucial for the success of
these projects. Stakeholder management plays a vital role in addressing
this challenge and ensuring mutual responsibility. Effective stakeholder
management facilitates clear role delineation, setting expectations, and
mapping responsibilities. This clarity helps prevent potential overlaps or
gaps and ensures that each stakeholder takes ownership of their
respective domains. Regular checkpoints and transparent reporting
mechanisms established through stakeholder management help keep all
parties on track. This fosters a culture where mutual accountability
becomes the norm, rather than the exception (Donaldson and Preston,
1995).
3.1.7 Boosting Financial Efficiency
A well-executed stakeholder management plan has significant
implications for the financial health of a project. Cross-industry
endeavours with intricate economic structures greatly benefit from
coordinated stakeholder input, as it ensures optimal resource allocation
and expenditure control (Donaldson and Preston, 1995). Through
structured stakeholder engagement, potential financial pitfalls such as
duplicated efforts or misaligned resource procurement can be proactively
identified and mitigated (Donaldson and Preston, 1995). Moreover,
stakeholders, particularly those with financial stakes, often provide
valuable insights into cost-saving strategies and efficiency improvements
(Donaldson and Preston, 1995).
Effective stakeholder management plays a crucial role in shielding
projects from financial missteps and illuminating pathways to greater
fiscal efficiency (Donaldson and Preston, 1995). By actively involving
stakeholders in the decision-making process, projects can tap into their
expertise and perspectives, leading to more informed and effective
financial decisions (Donaldson and Preston, 1995). This not only helps in
avoiding unnecessary expenses but also enhances the overall financial
performance of the project.
Research has shown that stakeholder management is essential in various
industries and sectors. For example, in mental healthcare organizations,
incorporating stakeholder management into standard practice can lead to
more evidence-based management and improved performance
(Bierbooms et al., 2016). In the field of scientific projects, integrated risk
management of stakeholders has been found to be effective in achieving
project goals and enhancing efficiency (Bedrii et al., 2020). In the context
of sustainable land management, stakeholder perceptions and
involvement are crucial for successful implementation and the
development of consensual management strategies (Lange et al., 2015).
3.1.8 Enhancing Project Credibility
Effective stakeholder management goes beyond simply streamlining
operations; it also enhances the credibility and trustworthiness of a
project in the eyes of all parties involved, as well as the general public.
When stakeholders feel that their voices are heard, valued, and integrated
into project decisions, they become advocates for the project, which in
turn improves its public perception (Freeman et al., 2010). Additionally,
transparent communication, a key aspect of effective stakeholder
management, further strengthens trust (Mitchell et al., 1997). By keeping
stakeholders informed about project progress, challenges, and milestones,
uncertainties are minimized and confidence is nurtured (Babic and Babic,
2019; Bryde and Robinson, 2005). Consequently, by diligently managing
stakeholder relationships, projects can establish a reputation for
credibility, which is a crucial asset in any cross-industry collaboration
Pinto and Slevin, 1987).
3.1.9 Ensuring Sustainability
In the current business landscape, where sustainability has become a
critical priority, the importance of effective stakeholder management
cannot be overstated in driving sustainable outcomes in cross-industry
collaborations. Stakeholders, who possess extensive knowledge and
understanding of the environmental, social, and economic impacts within
their respective industries, play a crucial role in guiding projects towards
more sustainable practices. By actively involving stakeholders in the
decision-making process, projects can gain valuable insights and
perspectives, enabling them to identify sustainable alternatives and
mitigate potential ecological impacts (Freeman et al., 2010). Furthermore,
engaging stakeholders allows projects to tap into the local community's
knowledge and expertise, ensuring the long-term viability and success of
the initiatives (Mitchell et al., 1997).
Adept stakeholder management ensures that projects align with
sustainability goals and objectives, thereby fortifying their long-term
positive impact on both the environment and the community (Reed et al.,
2009). By actively involving stakeholders, projects can address the
concerns and interests of various stakeholders, fostering collaboration
and cooperation towards sustainable outcomes (Clarkson, 1995). This
collaborative approach not only enhances the project's credibility and
legitimacy but also promotes transparency and accountability in decision-
making processes (Bryson, 2004).
In conclusion, effective stakeholder management is an invaluable tool in
driving sustainable outcomes in cross-industry collaborations. By
engaging stakeholders and leveraging their insights, projects can identify
sustainable alternatives, understand potential ecological impacts, and tap
into local community knowledge, ultimately ensuring the long-term
viability and positive impact of the initiatives on both the environment and
the community (Donaldson and Preston, 1995).
3.1.10 Risk Mitigation
The landscape of cross-industry projects is complex and filled with various
risks, ranging from operational to reputational (Donaldson and Preston,
1995). However, proficient stakeholder management emerges as a
frontline defence against these risks (Donaldson and Preston, 1995).
Stakeholders, with their industry-specific insights, can anticipate potential
challenges and alert projects to pitfalls before they escalate into significant
issues (Prebanić and Vukomanović, 2023). Regular stakeholder
engagement sessions serve as platforms for risk identification,
assessment, and collaborative problem-solving (Prebanić and
Vukomanović, 2023). By taking an initiative in stakeholder management,
conflicts, misunderstandings, and misalignments can be avoided, ensuring
smoother project progression (Prebanić and Vukomanović, 2023). In
summary, an astute stakeholder management strategy is instrumental in
recognizing and mitigating risks, thereby ensuring the robustness and
resilience of cross-industry collaborations (Prebanić and Vukomanović,
2023).
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4. CHALLENGES IN IMPLEMENTING EFFECTIVE STAKEHOLDER
MANAGEMENT IN CROSS-INDUSTRY PROJECTS
4.1 Technological Tools and Platforms
The digital age has revolutionized stakeholder management, providing
managers with innovative technological tools and platforms to enhance
communication, monitor stakeholder engagement, and foster
collaboration in real-time. Platforms like Trello and Asana offer
transparent task and project management systems, enabling stakeholders
from various industries to synchronize their efforts seamlessly.
Additionally, advanced analytics tools provide insights into stakeholder
sentiments, behaviours, and preferences, allowing managers to tailor their
strategies to better align with stakeholder needs (Trunfio and Lucia,
2018). The use of technology in stakeholder management simplifies
complex processes and amplifies the effectiveness of cross-industry
collaborations. For instance, digital platforms and offline participatory
tools are being utilized by destination marketing organizations (DMOs) in
Italy to enhance stakeholder engagement in decision-making processes.
These tools capitalize on digital platforms and offline tools to facilitate
stakeholder involvement in destination management and marketing
(Trunfio and Lucia, 2018).
Furthermore, a network perspective on managing stakeholders in
sustainable urban tourism reveals that destination
marketing/management organizations (DMOs) and stakeholders with
access to critical resources hold the highest centrality in urban
destinations (Timur and Getz, 2008). These organizations and
stakeholders are perceived to have the greatest legitimacy and power in
destination development. However, there is a lack of "bridges" between
industry, government, and the community, highlighting the need for
improved stakeholder relationships (Timur and Getz, 2008). In the context
of sustainable development, stakeholder collaboration platforms have
been developed to drive the blue economy and promote multi-stakeholder
engagement. These platforms, such as BluEconNet, serve as digital
mediums to increase the involvement of multiple stakeholders in building
a participative blue economy (Siswanto, 2023).
In the healthcare sector, digital management frameworks have been
designed to assist healthcare organizations in epidemic management.
These frameworks leverage digital technologies to enhance the
governance of epidemiological information and improve digital epidemic
prevention and control management. By utilizing multi-platform
approaches, healthcare organizations can establish and reuse overall
capabilities in public health emergencies, focusing on the requirements of
patients and managers (Mao et al., 2022).
4.2 Future Trends in Stakeholder Management
Stakeholder management is a dynamic field, continually evolving to cater
to the ever-changing landscape of global businesses. One of the prominent
emerging trends is the integration of Artificial Intelligence (AI) in
stakeholder analytics. Advanced algorithms can predict stakeholder
responses and optimise engagement strategies. Moreover, with the rise of
remote work and global collaborations, virtual reality (VR) is increasingly
used for immersive stakeholder engagement sessions, replicating face-to-
face interactions across continents (Freeman et al., 2010; Li and Zhang,
2019; Kim and Biocca, 2018). Lastly, there is a shift towards more inclusive
and democratic stakeholder involvement, emphasising co-creation and
shared ownership of projects. These trends highlight a future where
stakeholder management is more technologically advanced, inclusive, and
adaptive (Mitchell et al., 1997).
4.3 Challenges and Limitations
Despite its advantages, stakeholder management is full of challenges. The
cultural and sectoral differences inherent in cross-industry collaborations
can lead to misunderstandings and conflicts, making effective
communication a formidable task. Additionally, as projects scale up in
complexity, tracking and prioritising myriad stakeholder inputs becomes
challenging, potentially leading to overlooked perspectives or
misalignment. Lastly, with data privacy regulations becoming stringent,
there is a growing challenge of gathering stakeholder insights while
maintaining data integrity and compliance. While stakeholder
management remains pivotal, it demands continual refinement to
overcome its inherent challenges.
5. BEST PRACTICES FOR STAKEHOLDER MANAGEMENT IN CROSS-
INDUSTRY PROJECTS
5.1 Key Takeaways
Stakeholder management has consistently emerged as a linchpin in the
success of cross-industry projects. Its emphasis on effective
communication, alignment, and mutual respect plays a pivotal role in
navigating the multifaceted dynamics of diverse sectors. The capacity to
understand, prioritise, and address stakeholder needs and perceptions is
not just an operational necessity but a strategic imperative for ensuring
project sustainability and acceptance (Donaldson and Preston, 1995).
Furthermore, stakeholder engagement is crucial in the water sector,
where multiple actors are involved in decision-making processes (Salarian
et al., 2019). Stakeholder analysis and involvement can facilitate trust,
conflict resolution, transparency, and improved decision quality (Kozak
and Piazza, 2014). In the context of water resource management,
stakeholder engagement is essential for addressing shared problems and
ensuring the sustainability of natural resources (Kozak and Piazza, 2014).
5.2 Recommendations
Cross-industry projects, given their intricate nature, require refined
stakeholder management approaches. A stakeholder-centric system from
the project's inception is paramount, ensuring that critical voices are
listened to and integrated into decision-making processes. Leveraging
contemporary technological tools is crucial, providing streamlined
communication and data-driven stakeholder insights. Embracing
platforms that enable real-time feedback can foster an environment of
continuous improvement and agility. Moreover, with the increasing
recognition of environmental, social, and governance (ESG) factors, it is
advisable for projects to embed these considerations, aligning stakeholder
management strategies with global sustainability goals. Lastly,
organisations must invest in ongoing team training and development,
emphasising the skills and mindsets needed for effective stakeholder
engagement across diverse industries.
5.3 Conclusion
With their unique challenges and opportunities, cross-industry projects
underscore the significance of adept stakeholder management. The nexus
between project success and stakeholder engagement is undeniable, with
research suggesting a direct correlation between the two. The future
trajectory of such projects hinges on organisations' ability to adapt,
innovate, and, more importantly, integrate stakeholder perspectives to
foster an environment of mutual respect and collaboration. As we look
forward, it is evident that the paradigms of stakeholder management will
continue to evolve, adapting to the complexities of the global business
ecosystem. It becomes imperative for organisations to be at the forefront
of this evolution, championing inclusivity and sustainable practices in
stakeholder engagement.
6. Case Studies
6.1 Implications for Practice
The findings from this review have significant implications for both
academia and industry practice. For organizations involved in cross-
industry projects, having a robust stakeholder management strategy is not
just a recommended best practice, but a business imperative. Such an
approach helps in mitigating risks, fostering collaboration, and increasing
the likelihood of project success. It is crucial for companies to recognize
that in today's interconnected business environment, neglecting
stakeholders can lead to project failures and reputational damage
(Donaldson and Preston, 1995). On the academic front, there is a pressing
need for further research on the interplay between technology and
stakeholder management, particularly in relation to emerging trends like
artificial intelligence and virtual reality in stakeholder engagement
(Donaldson and Preston, 1995).
This intersection between theory and practice presents an exciting avenue
for future scholarly pursuits. The stakeholder theory of the corporation
provides a foundation for understanding the importance of stakeholder
management in both academia and industry (Donaldson and Preston,
1995). This theory emphasizes the descriptive accuracy, instrumental
power, and normative validity of stakeholder management. It highlights
the interrelatedness of these aspects and their implications for
organizational behaviour (Donaldson and Preston, 1995). Cross-sector
collaborations are increasingly recognized as essential for addressing
complex public problems. Collaboration among multiple sectors, including
business, non-profits, government, and the community, is crucial for
effectively dealing with these challenges. Stakeholder management plays
a vital role in facilitating and sustaining such collaborations (Bryson et al.,
2006).
Research has shown that stakeholder orientation and effective
stakeholder management can positively impact firm financial
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(2023).
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performance. Companies that prioritize stakeholder management models
tend to achieve better financial outcomes (Berman et al., 1999). This
further underscores the importance of stakeholder management as a
strategic approach for organizations. The literature also highlights the
need for academia-industry linkages and collaborations (Singh and
Kaundal, 2022). These collaborations can enhance the knowledge base,
innovation, and overall development of both academia and industry (Singh
and Kaundal, 2022). However, there are challenges and barriers that need
to be addressed to foster successful partnerships between academia and
industry (Khan, 2018).
6.2 Future Research Directions
While our understanding of stakeholder management in cross-industry
projects has expanded, there is need to explore further. First, there is a
palpable gap in research about the role of emotional intelligence in
stakeholder management, particularly in multicultural settings. Given the
emphasis on soft skills in modern management practices, how these
competencies influence stakeholder engagement outcomes deserves
scrutiny. Additionally, the impact of global socio-political shifts on
stakeholder dynamics is a burgeoning area of inquiry. With the rapidly
changing global landscape, understanding how these macro changes affect
stakeholder priorities and engagements can provide valuable insights for
practitioners. Lastly, the interplay between stakeholder management and
corporate social responsibility, especially in cross-industry collaborations,
is another promising area of exploration.
6.3 Limitations of the Review
Every research endeavour has inherent limitations, and this review is no
exception. Primarily, the reliance on secondary data may threaten some
findings' validity. First-hand experiences and primary research could
provide more granular insights into stakeholder management nuances.
Lastly, while the review aimed to be comprehensive, the rapid evolution
of cross-industry projects and stakeholder management practices means
newer studies and emerging trends post-2021 might have yet to be
captured, limiting the currency of the insights presented.
7. CONCLUSION
Cross-industry projects represent a fascinating confluence of varied
sectors, each bringing unique dynamics, challenges, and opportunities.
Through this review, the significant role of stakeholder management in
such projects has been consistently underscored. Not merely an
operational tool, stakeholder management emerges as a strategic
imperative, shaping the contours of project trajectories and their eventual
success or failure.
The literature explored three central tenets emerge:
Interdisciplinary Integration: Cross-industry projects are inherently
interdisciplinary. But it is not just about juxtaposing different industries
but about integrating them at a deep, functional level. As revealed in
numerous studies, such integration requires meticulous stakeholder
management, ensuring that perspectives from all sectors are represented
and synergised.
Technological Evolution: The landscape of stakeholder management has
been revolutionised by technological advancements. Digital platforms, AI-
driven analytics, and real-time communication tools have changed how
stakeholders are identified, engaged, and managed. This technological
evolution offers profound advantages but challenges, especially regarding
data privacy, stakeholder autonomy, and the risk of depersonalised
engagements.
Sustainability and Ethical Imperatives: Stakeholder management is no
longer about managing immediate project stakeholders. There is a
growing recognition of projects' broader societal and environmental
footprint, especially in cross-industry settings. This necessitates an ethical
and sustainability-centric approach to stakeholder management, where
decisions consider broader societal implications and align with global
sustainability goals.
Research, by its very nature, is an evolving field. What might seem like
established paradigms today could be questioned or overturned
tomorrow. The pace of change in the business environment, spurred by
technological innovations and changing socio-political dynamics, means
that stakeholder management strategies must be agile, adaptive, and
forward-looking. Each cross-industry project has its unique context, and
there is no 'one-size-fits-all' model for stakeholder management. This
bespoke nature of stakeholder management, tailored to specific project
contexts, emerged as a recurring theme across many studies.
Given the complexities inherent in cross-industry projects and the
centrality of effective stakeholder management in their success, this
review suggests several recommendations grounded in the synthesised
findings:
Adopt Adaptive Approaches: With the dynamic nature of cross-industry
projects, traditional static approaches to stakeholder management might
need to be revised. Organisations should leverage adaptive and iterative
strategies, allowing flexibility and course correction in real-time, ensuring
stakeholder needs are continually addressed.
Invest in Training: The multi-sector nature of these projects requires
project managers and teams to be well-versed in diverse industry
languages and norms. Investing in interdisciplinary training facilitates
smoother communication and fosters mutual understanding.
Leverage Technology Strategically: While technology can enhance
stakeholder engagement, it is essential to employ it judiciously. Tools
selected should be based on the project's and stakeholders' specific needs,
ensuring that technology aids rather than complicate the engagement
process.
Embrace Transparency: Given the heightened risk perceptions associated
with cross-industry projects, transparency in processes and decision-
making can help build trust among stakeholders, ensuring their sustained
commitment and support.
Engage in Continuous Feedback Loops: Regular check-ins with
stakeholders and maintaining open channels for feedback can ensure that
any emerging concerns are addressed, pre-empting potential conflicts and
ensuring project objectives remain aligned.
The cross-industry realm requires a change in basic assumptions in
stakeholder management strategies. By embracing adaptability, fostering
interdisciplinary understanding, leveraging technology judiciously,
maintaining transparency, and prioritising continuous engagement,
organisations can navigate the unique challenges presented by these
projects and unlock the immense opportunities they offer.
In conclusion, this review has been an enlightening exploration of the
multifaceted realm of stakeholder management in cross-industry projects.
It is evident that as industries intersect in unexpected ways and as the
global business landscape becomes even more interconnected and
interdependent, effective stakeholder management will remain at the
heart of successful project outcomes.
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