Here's a brief white paper from Rummler-Brache on the importance of managing critical business processes as an integrated whole.

Fragmentation is a killer. Business fragmentation occurs when critical processes aren't managed as an integrated whole. Processes in a highly fragmented organization resemble a labyrinthine system of poorly joined plumbing, with pipes that leak time, money and customer value. Your first step is to adopt a simple, disciplined approach to defining, integrating and managing processes.

I love the metaphor. Defrag your critical processes or performance will grind to a halt. Unfortunately, a study on the Rummler-Brache site finds:

Only one in three U.S. businesses practices comprehensive "end-to-end" comprehensive business process management. A lack of a consistent methodology plus a shortage of management commitment are the primary roadblocks. Another shortcoming is the absence of solid performance metrics to measure business results and help steer the management of change.