Many business executives understand that improving their internal document-driven processes (processes governed and controlled by documents in electronic or paper formats) can deliver operational efficiencies and drive cost take-out. However, what many may not appreciate is the degree to which document-driven business processes affect their organization’s risk profile.
A study in 2012 by International Data Corporation (IDC) found after polling 1,516 document-driven business process owners and information workers that “Process owners reported that over one-third of document-driven business processes are defective, and a staggering 75.9% of respondents . . . reported that their organization experienced serious business risks and/or compliance issues as a direct result.” The report continues . . .
36.2% failed to meet compliance requirements;
30.2% lost key employees;
24.9% lost major customers;
24.8% had a major information technology breach;
20.4% were pulled into a major audit; and
19.1% suffered a major public relations crisis
. . . all due to document process deficiencies. Depending upon the type of process, between 35.9% and 45.3% of respondents reported that they had personal knowledge of inefficient or ineffective documentation processes.