Can a company start from scratch, throwing away all their current processes?

Can a company start from scratch, throwing away all their current processes?
What will be the pros and cons of doing so?

Topic: BPM
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I think perhaps it's not a good idea to throw away anything. Rather, a company should start from scratch while still utilizing their existing processes. Do a complete overhaul in the background, and when your plan is complete then implement it.

Now, why would a company do this? I suspect it might be helpful to do if there has been no reevaluation done for a set number of years. It may also help to bring in fresh eyes from outside the company to make sure that everything being done adheres to current best practices. I stress the word "current" because some companies let things sit for too long, and fall behind over time.

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