Ricoh-sponsored study: three of four organizations suffer serious problems from broken document processes

PR from Ricoh:

"TOKYO, June 12, 2012 — Ineffective document-based processes, a 'blind spot' for businesses, have directly triggered serious incidents at three out of four organizations in the past five years, according to a new IDC white paper commissioned by Ricoh Company, Ltd. The white paper is the first product of Ricoh’s new Document Process Imperative initiative.

Document process failures have caused severe consequences: 36 percent of responding companies failed to meet compliance requirements, 30 percent lost key employees, and 25 percent lost major customers. Other consequences include major IT security breaches, getting pulled into a major audit, suffering a PR crisis and being sued.

The good news: addressing failures proactively can head off substantial financial harm. IDC estimates that the overall cost of process failure (in terms of staff time and executive oversight for activities such as required rework and process reviews, as well as opportunity costs associated with lost customers) is at least 10 times the direct out-of-pocket costs (such as paying financial settlements)..." [Read more at Ricoh.com]