Revealing Tensions – Energy in Focus
The project:
When creating a business strategy, it's crucial to grasp the society in which the company operates and solicit stakeholders' concerns. As part of Reykjavik Energy's strategic planning, we conducted in-depth interviews with external stakeholders to lay a solid groundwork. Our objective was to gather insights and perspectives on potential challenges that the company might need to address in its five year plan.
Project outcomes:
Viewpoints of external stakeholders mapped
Tensions between differing opinions and future challenges identified
Analytical insights to inform strategic decision-making provided
Our role:
The Analysis
Publicly owned companies face unique challenges, such as defining their mission, vision, and governance, which may not be as complex for privately owned companies. Therefore, it’s crucial for company leaders to consider the diverse views and opinions of different stakeholders.
Aton’s specialists use various approaches to measure and analyse stakeholders perspectives, as well as to build a solid connection with them through strategic planning and communications. This includes media analysis, discourse analysis, shorter surveys for key stakeholders and qualitative in-depth interviews. The goal is always to gain a better understanding of stakeholders so that they can be engaged with in a positive and effective manner.
The team
When analysing qualitative interviews we pay attention to common themes and differences, highlighting shared experiences and perspectives.
Strategy
Our approach to the project was rooted in a commitment to understanding the complex ecosystem in which Reykjavik Energy operates. Through in-depth interviews, we aimed to gain a profound insight into participants’ thoughts and experiences, uncovering themes and ideas that might not surface in other types of surveys.
When analysing qualitative interviews we pay attention to common themes and differences, highlighting shared experiences and perspectives. By doing so we can identify tensions between different opinions that the company may need to be aware of or mitigate in some ways in its strategy.
For a publicly owned company like Reykjavik Energy, this process is especially valuable in pinpointing potential areas of conflict and establishing clarity on crucial issues. By integrating the insights gathered from external stakeholders into its strategic planning process, Reykjavik Energy can navigate its path that is responsive to the evolving needs of its stakeholders and the broader community. The project also exemplifies the power of leveraging analytical insights to drive strategic decision-making.
Execution
In the summer of 2023, we conducted ten interviews involving thirteen participants. These stakeholders came from various sectors, such as environmental organizations, government bodies, industry partners, customers, and community representatives.
Each interview lasted between 30 to 60 minutes and was later transcribed and analysed. The findings included direct quotes that reflected specific themes, providing company executives and leaders with valuable insights into their stakeholders’ ideas and perspectives.
Stakeholders offered a range of viewpoints, highlighting areas of agreement as well as potential areas for improvement. Key findings revealed tensions around differing opinions on topics such as whether the company should expand its power plants, who the energy should be sold to, the company’s role in innovation, and whether it should expand its operations or maintain only its basic infrastructure.
Conclusions
Participants held high expectations for Reykjavik Energy, as one of Iceland’s largest companies and one with a highly skilled and dynamic workforce. The company’s professionalism, expertise, and experience give it the authority to address various issues and challenges.
The conclusions were shared with the company’s board, offering actionable insights to guide the strategic planning process.
