Colleges are doing well at introducing students to new technologies and getting them to be proficient in their use. Chances are your graduate has had some contact with whatever software you require. They are probably pretty good at using any computer system you might have. They know the tricks of how to get things done fast.
Colleges, however, have teachers not bosses. Recent college grads don't know how to follow corporate rules, and when they decide they've had enough of your crap they will leave you. Nowadays that might not be quite as true as a couple years ago, but I'm willing to wager there are some fields where job hopping is still possible. Architecture has always been different in this respect because architecture schools are difficult and demanding places for students, and I feel like architecture graduates can and will put up with more culture related crap than most other recent grads. But all the same, recent graduates don't have a feel for navigating staff meetings and face time with clients.
College graduates are ready for the working world, but only at a certain level. And I have no doubt that they can climb the ladder quickly once they have mastered the social skills necessary to be a professional. It is all relative to the graduate and the workplace they find themselves in. There are offices out there that will squash their interns like bugs without hesitation, and certainly college graduates are not prepared for that. I don't believe they should have to be, but that is a different discussion. My conclusion is that colleges could definitely add something to their programs that addresses how to behave in a professional work environment, but what they do well is churn out graduates with a lot of technical abilities who will pick up on what their educations lacked in a timely manner.