DEFINITION
Business Process Management (BPM)
Business Process Management (BPM) is the process of analyzing, monitoring, and tweaking business processes in order to make them more efficient, reduce operating costs, enhance quality and ensure compliance with relevant regulations. Business Process Management software can come with a variety of features, such as real-time tracking, report generation, process automation, process design, task management, and integrations. Modern BPM tools also often utilize low-code or no-code architecture so that processes can be tweaked and optimized by many different departments, not just IT.
Synonyms
Process management
Acronyms
BPM
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Synonyms
Process management, workflow optimization, process optimization
Acronyms
BPM
Examples
The CEO of a bank uses a BPM tool to check the performance of different processes during that year. They notice that the loan application process is consistently taking longer than predicted so they investigate further. Their BPM tool provides a helpful visual display of the entire process and all of the steps taken, with data of each step and hand-offs. It is here that they notice the bottleneck. Namely, after certain steps, people aren’t automatically assigned. Therefore, the process is a few days slower than it should be. In collaboration with their process designer, the CEO introduces a new automation that immediately assigns the relevant parties and the problem is solved.
FAQ
What are the benefits of Business Process Management in banking?
BPM tools allow banks to better streamline and standardize their processes, leading to a better customer experience and less room for human error. These benefits are especially pronounced when BPM tools are coupled with AI and/or automation software.
How does BPM differ from traditional workflow management?
BPM is typically larger in scope than traditional workflow management. Namely, Business Process Management doesn’t look at just individual processes but rather the business as a whole and leans on continuous monitoring and data analysis. Workflow management on the other hand typically only looks at individual processes and how they can be streamlined. For this reason, workflow management can be seen as just one part of BPM.
Can BPM integrate with other technologies?
Yes. In fact, businesses often use their BPM platform as the “central hub” under which many different systems are integrated, such as the CRM and CLM.
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