Identifying stakeholders is a process of understanding and documenting the people, groups, or organizations most affected by an initiative, program, or project. It’s important to identify stakeholders because they have the potential to influence the success of any project or program. Stakeholders can be both internal and external to the organization, so it’s important to consider both perspectives when identifying them. The goal is to create a comprehensive picture of who those stakeholders are and what their interests and needs may be. By considering all stakeholder perspectives, businesses can better understand the impact of their projects and develop strategies for mitigating risks.