Does an Investor Relations Department add value to a company?

I've been thinking more and more about the value Investor Relations (IR) and Investor Relations Officers (IRO) add or don't add to a company. It seems that they truly believe they can have a long-term impact on stock price and that a bad IRO can possibly erode earnings through missteps. My question to you, as individuals in Equity Research, is what role does IR play in your decision making? Can IROs attract and maintain quality long-term investors? Do you find the position important for reasons outside of understanding the company's story and other basic information?