Cross-Industry Insights: A Comprehensive Review of Effective Stakeholder Management Benefits

Abstract

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.