Business Process Management (BPM)

BPM focuses on modeling, executing, monitoring, and optimizing business processes to ensure they are efficient, consistent, and aligned with business objectives. In regulated industries such as banking, BPM helps organizations manage complex, multi-step processes that involve multiple teams, systems, and compliance requirements, while maintaining transparency and control.

Synonyms

Process management, workflow optimization, process optimization

Acronyms

BPM

Examples

For example, a bank uses BPM to manage its client onboarding process by defining each step, decision point, and approval. The process is monitored for performance and compliance, and adjusted over time to reflect regulatory changes or operational improvements.

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.