The management process in any organization is facilitated and coordinated by individuals who have the interest of the organization’s success. Their interests in the operations of the company arise since they have something to lose or gain from the company (Markwell, 2010). These people have a stake in the plan implementation process within the company. They are known as stakeholders. Organizations have both internal and external stakeholders who work towards achieving their strategic goals and objectives.
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At the University of Utah Hospital, the Chief Executive Officer (CEO) frequently interacts with several stakeholders to work towards achieving the set objectives. The first internal stakeholders are the procurement; they buy goods that of high quality to ensure success in the management process at the hospital. The CEO has to coordinate with the procurement to ensure that the procurement price is below the profits the hospital obtains after selling their products. Notably, the procurement must carry out a cost-benefit analysis to gauge if their intended purchases and supplies will sustain the hospital’s operations. As a result, they go for purchases that can support the hospital. The next internal stakeholders are the board committee members; they work together with the CEO to set out the hospital’s policies and achievable objectives. These members oversee proper resource requisition and allocation to enhance transparency in the management process. There is also the board of trustees. This internal stakeholder works in soliciting funds for the continuity of the University of Utah Hospital. The board of trustees has to ensure transparency and accountability in the management of the requested funds to implement a quality program at the hospital.
The patients, on the other hand, are external stakeholders. The patients have the right to lodge complaints on the quality of services at the hospital. Quality management is enhanced through proper evaluation that is carried out by the hospital staff and external health officers. This evaluation enables the hospital to offer quality services to patients. The CEO has to ensure quality and prompt service provision by their staff. This was targeting the patients and other service users, who will develop trust in the service provision at the hospital, thus, helping in the development and growth of the University of Utah Hospital. Secondly, it is the local community around the health facility; they must be empowered by the initiatives that the University of Utah Hospital outlines. Every corporate body must have a well-organized Corporate Responsibility (CR) for the surrounding community. This can be through communal empowerment, donations, bursary support, and other charity work (Markwell, 2010). The local community also offers necessary services and support that the hospital may require; for instance, they can provide land for extension of the facility and even be recruited to help in providing educational awareness on certain diseases at the community level. The local community can be actively involved in contributing their views and experiences in the entire management process of the company. The Coca-Cola Company has made it an initiative in supporting community development by obtaining products from minority and women-owned business enterprises (MWBEs).
Lastly, are the suppliers; they deal in the provision of equipment and services to the institution. The CEO has to sign an agreement with suppliers to ensure that they deliver drugs and facilities that are of high quality. Remarkably, the hospital has to make sure that there are proper waste management practices that are in place to protect the environment. The Coca-Cola Company, for instance, appreciates the role their suppliers play in providing them with quality machinery, ingredients, and packaging materials.
Markwell, S. (2010). Identifying and Managing Internal and External Stakeholder Interests | Health Knowledge. Health Knowledge. Web.