Business Process Management (BPM)
Definition - What does Business Process Management (BPM) mean?
Business process management (BPM) is a concept that focuses on aligning all organizational elements to improve operational performance. The BPM strategy is categorized with holistic management approaches which are used to develop better business efficiency, while channeling organizations toward more creative, flexible and technologically-integrated systems.
Techopedia explains Business Process Management (BPM)
BPM focuses on continuous process improvement. The goal is to achieve higher customer satisfaction, product quality, delivery and time to market (TTM) speed.In theory, BPM allows organizations to be more efficient and effective with greater performance and development than those that follow functionally-oriented, conventional and hierarchical management processes.
Business processes, which are sets of activities performed to achieve corporate and business goals, are vital to any organization because they lead to profit development and growth. As a managerial strategy, BPM prioritizes business processes as critical organizational assets that must be recognized, managed and developed to deliver value-added products and services to customers.