There is a horrible amount of waste because of the many levels of management. The higher ups often push software changes on us because of some agenda (it was developed in-house) when the software is very inferior and will hurt our productivity greatly.
IBM tries very hard to encourage us to participate and let our voices be heard, but in my experience anything that takes time, effort or money is ignored, making the whole thing a silly puppet show.
I'm leaving the job soon because of things like this. I absolutely hate it when people say "such overhead is inevitable within such a big organization" because it's become an excuse for EVERYTHING. You wouldn't believe the sort of things we spend weeks on doing that should take minutes. We are talking manually renaming files and proccessing log files, because the "budget for such changes is already used up" or some other bullshit.
There is no ridiculous mind-numbingly slow process that isn't justified by the fact that the organizational aspect is in the way. I think it's become a warm blanket that managers can wrap around themselves to avoid taking responsibility.