As said before I.S failure is very common when developing and using Information Systems. Here are some examples of the signifiicance of I.S failures.
1. The FBI lost over $100 billion on a virtual case file which after developing for over 4 years was never used. There were several factors identified as contributing to the failure such as poorly defined design requirements, lack of planning and ‘ambitious schedules’.
2.In 1988 several staff in Bank of America lost were fired from their jobs due to an Information system failing. This failure resulted in the bank losing control of billions of dollars in trusts. Staff were fired when trust holders become aware of this issue and moved their money from the bank. This failure resulted in people losing confidence in the bank also.
3. In 2004 Hewlett Packard lost almost $160 million due to a failure in the system they were developing.
4. The Ford Car Company also lost millions in 2004 when a purchasing system they were developing was scrapped before completion costing the company also $400 million.
It is critical that companies take the necessary steps to prevent failure of information systems, now more than ever.