EUROPEAN COMPANIES RISK NON-COMPLIANCE
Economist Intelligence Unit Survey Shows 47 Percent of European Companies Unable to audit Business Processes
Uxbridge, UK, September 13, 2004 — FileNet Corporation (Nasdaq: FILE), a leading provider of Enterprise Content Management (ECM) solutions has today announced the availability of new research into business process management conducted by the Economist Intelligence Unit.
The research shows that 47 percent of European companies risk being non-compliant with new regulations because they are unable to audit their core business processes or manage the associated risks in a systematic way.
Many new regulations, such as Basel II and Sarbanes Oxley and local FSA regulations, require companies to record both the process by which a decision is made as well as the outcome of that decision. 71 percent of respondents found their inability to manage this process a risk factor.
Stephan Van Herck, senior vice president EMEA, FileNet says, “Companies need to take both a content and a process based approach to compliance. They need to be able to audit the steps involved in a decision - regardless of whether they were automated or manual and regardless of the number of times the associated rules may have changed. That’s particularly important for ‘case’ based sectors such as insurance, consumer lending or grants. Many such organizations are turning to integrated Enterprise Content Management and Business Process Management solutions in order to achieve the enterprise-wide visibility and traceability they need.”
The survey also showed that 41 percent of companies do not manage effectively the risks associated with changes to core business processes. Therefore they risk inefficiencies, customer dissatisfaction and operational exposure. Of those that do manage the business process effectively, 41 percent use analytics to predict possible outcomes. Only 29 percent simulate modified processes before they go live.
55 percent of respondents said that they are evaluating Business Process Management Tools. 16 percent cited compliance or the need to mitigate risk as the primary reason for doing so. Other drivers include reducing cost of operations and improving customer service.
About EIU study
The Economist Intelligence Unit explored the views of 118 senior European executives across more than 14 countries in a survey conducted during May and June 2004. The survey examined how Europe’s corporate leaders view the business processes within their companies, how they manage those processes and the risks associated with them.
FileNet’s ECM: Focused on Better, Faster Decision-Making
As an industry visionary, FileNet believes that above all else, to succeed in today’s competitive business environment requires dynamic and informed decision-making. This requires the right business content be aggregated and delivered to the right people at the “critical moment” when a decision must be executed, so they have all the information necessary to make informed and accurate decisions. Faster decision-making can increase efficiency, improve service, reduce costs and ultimately increase profitability. Also, access to the right information at the right time can help employees avoid making poor or uninformed decisions, helping to manage risk exposure.
FileNet’s P8 ECM architecture combines comprehensive process management, integration capabilities and rich content management to drive better, faster decision-making. The company’s entire product line is differentiated by its comprehensive BPM capabilities, which include integrated process simulation, reporting and analytics, enabling customers to optimize business processes in real time.
FileNet Corporation helps organizations make better decisions by managing the content and processes that drive their business. FileNet’s Enterprise Content Management (ECM) solutions allow customers to build and sustain competitive advantage by managing content throughout their organizations, automating and streamlining their business processes, and providing the full spectrum of connectivity needed to simplify their critical and everyday decision-making.
FileNet ECM solutions deliver a comprehensive set of capabilities that integrate with existing information systems to provide cost-effective solutions that solve real-world business problems.
Since the Company’s founding in 1982, more than 4,000 organizations, including more than three quarters of the Fortune 100, have taken advantage of FileNet solutions for help in managing their mission-critical content and processes.
Headquartered in Costa Mesa, Calif., the Company markets its innovative ECM solutions in more than 90 countries through its own global sales, professional services and support organizations, as well as via its ValueNet® Partner network of resellers, system integrators and application developers.
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