We did significant troubleshooting on the issue including
- Disabled Anti-Virus products
- Full malware scan using multiple AV engines
- Disabled all non Microsoft services and applications from System Startup
- Disabled all Microsoft Word Add-ins
- Disabled graphics acceleration in Microsoft Word
After talking to Microsoft, it turns out that Microsoft released a bad Windows Update KB3114717. This update was released on the 9th of February and caused numerous performance issues with Microsoft Office. After removing this update from all workstations, it resolved the issue.