Driving Risk Out of Business Processes: Are You Investing Where It Counts Most?
Every year organizations budget resources to improve their critical document and information processes—and risk mitigation is a primary driver. Over two-thirds of the participants in a 2012 IDC study sponsored by Ricoh said improving document and information processes would reduce risks in:
- Regulatory compliance: 67.0%
- Information security: 63.9%
- Business continuity: 61.9%
In providing Ricoh Services to enterprises worldwide, we know that organizations often find out the hard way that broken business processes, those that are inefficient and ineffective, expose them to significant financial risk.
However, despite their recognition of the importance of controlling risk, many businesses are:
- Budgeting more to fix business processes where risk is actually lower, rather than investing in improving the processes where risk is greater
- Investing in solutions that do not uncover and directly address where or how the processes are broken
Do your plans for improving processes call upon internal staff to reengineer them? Are you planning investments in new technologies to solve process inefficiencies?
Discover why these may not be the best ways to invest your resources in reducing business risk. Learn more about the strategies that are far more effective at protecting your business processes and ensuring the proper governance of all your critical business information.
Risky Business: Are you in the 75%?
If your business has experienced a significant risk incident in the past 5 years, you’ve got something in common with 75% of the companies participating in a 2012 IDC study sponsored by Ricoh. C-level executives, business process owners and information workers worldwide who participated in the study said their companies have experienced serious consequences from these risk incidents including:
- Failure to meet compliance requirements
- Experienced a significant security breach
- Had to undergo a major audit
- Suffered a costly PR crisis
- Lost major customers and key employees
We know from long experience with customers that breakdowns in document-driven processes are high probability events. But it may come as a surprise just how many businesses surveyed have experienced severe consequences due to breakdowns in document-driven processes.
The culprit: Breakdowns in document-driven business processes. While executives believe these processes are unlikely to fail, and carry only a moderate amount of business risk when they do, the study found that the exact opposite is true. Document process breakdowns are highly probable, leaving your business vulnerable to extraordinary costs and endangering your top line growth.
Learn which document-driven processes were judged to be the least effective. See whether your business is already doing the three things most critical in minimizing risk to your revenue stream, customer relationships and business growth.
Vice President, Information Security Ricoh Americas
Recent Blog Posts
There’s an element of your information governance framework that is probably not high on your list...
In this era of analytics, statisticians and data scientists, companies today are collecting vast...
When it comes to major document restoration and migration projects, key concerns for consideration...