Terms

Business Process Management

What is Business Process Management?

Business Process Management (BPM) is a systematic approach to improving an organization's business processes by analyzing, designing, implementing, and monitoring them to optimize efficiency and effectiveness. It streamlines and automates processes to reduce costs, improve productivity, and enhance overall performance across various industries and sectors, such as finance, healthcare, and manufacturing.

Benefits of Implementing BPM

  • Improved efficiency: BPM streamlines processes, eliminates redundancies, and optimizes resource utilization, leading to increased efficiency.
  • Reduced costs: By optimizing processes and resource utilization, BPM helps organizations reduce operational costs and improve their bottom line.
  • Enhanced collaboration: BPM promotes better communication and collaboration among teams, departments, and stakeholders, ensuring that everyone is working towards the same goals and objectives.
  • Risk management: BPM helps predict resource needs, lowering the risk of under- or over-allocating resources, and identifies weak links and bottlenecks in processes for potential improvements.
  • Continuous improvement: BPM focuses on the continuous improvement of business processes, enabling organizations to streamline workflows, automate tedious tasks, and improve efficiency.
  • Competitive advantage: BPM helps companies deliver products and services efficiently at lower cost, align processes to business goals, and adapt to changing needs, making them more agile and responsive to market changes.
  • Scalability: BPM tools and technologies have evolved to better address the business need for continuous improvement and agile transformation at scale, allowing organizations to scale their BPM initiatives as needed to meet changing business requirements.

Steps to Effective BPM

  • Analyze and design: Begin by analyzing current processes, identifying inefficiencies, and designing improved workflows. Involve interdisciplinary teams and use a formal BPM methodology to ensure a comprehensive approach.
  • Implement and monitor: Implement the redesigned processes and monitor their performance using clearly defined KPIs. Track improvements and measure steps to reveal weak links and bottlenecks.
  • Continuously improve: Use BPM principles and techniques to continuously optimize processes. Leverage BPM tools and technologies to support large-scale business change and adapt to evolving needs.
  • Embrace automation: Integrate automation solutions, such as Red Hat Ansible Automation Platform, to streamline and optimize business processes further.
  • Collaborate and communicate: Ensure clear communication among stakeholders to promote effective collaboration and understanding of roles and responsibilities.

Common BPM Mistakes to Avoid

When implementing Business Process Management (BPM), it's important to be aware of common mistakes that can hinder success. Avoiding these pitfalls can help ensure a smoother BPM journey and better outcomes for your organization.

  • Insufficient analysis: Failing to thoroughly analyze existing processes can lead to incomplete or ineffective improvements. Invest time in understanding the current state of your processes before making changes.
  • Lack of stakeholder involvement: Excluding key stakeholders from the BPM process can result in misaligned goals and resistance to change. Engage all relevant parties to ensure buy-in and support.
  • Overlooking change management: Implementing BPM often requires significant organizational change. Neglecting change management can lead to employee resistance and reduced effectiveness of new processes.
  • Ignoring continuous improvement: BPM is an ongoing process, not a one-time project. Regularly review and optimize processes to maintain efficiency and adapt to evolving business needs.
  • Overemphasis on technology: While BPM tools and technologies are valuable, they should not overshadow the importance of people and processes. Focus on a balanced approach that considers all aspects of BPM.

BPM Tools and Software

Business Process Management (BPM) tools and software play a crucial role in streamlining and automating processes. Some of the latest trends in BPM tools include Intelligent Business Process Management Systems (iBPMS), Low-code/no-code (LCNC) development, and integration of Robotic Process Automation (RPA) with BPM. These tools offer various integration capabilities, such as process mining, Business Process Model and Notation (BPMN) tools, workflow engines, and business rules engines (BREs).

Future developments in BPM tools and software are expected to focus on democratization through citizen developer tools, intelligent business process automation incorporating AI and machine learning, and adaptive process management for real-time iterative process modeling. Additionally, innovations in process modeling and simulation, generative AI for reimagining business processes, and convergence of BPM tools with AI improvements will drive continuous business transformation.

Other terms

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Accessibility Testing

Accessibility testing is a software testing method that verifies an application is usable by people with disabilities, like vision or hearing loss.

Accessibility Testing

Account-Based Advertising

Account-based advertising is a hyper-focused B2B strategy that targets key accounts with personalized ads across multiple channels.

Account-Based Advertising

Direct-to-Consumer

Direct-to-Consumer (DTC) is a business model where companies sell products directly to customers, bypassing traditional retail middlemen.

Direct-to-Consumer

Enrichment

Enrichment is the process of adding third-party data to your existing customer profiles to get a more complete picture of your leads.

Enrichment

SEO

SEO, or Search Engine Optimization, is increasing the quantity and quality of traffic to your website through organic search results.

SEO

Business Development Representative

Learn about business development representative, including skills and qualifications for BDRs, & roles and responsibilities of a BDR.

Business Development Representative

Sales Objections

Sales objections are reasons or concerns raised by a potential customer as to why they are hesitant or unwilling to make a purchase.

Sales Objections

Channel Partners

Channel partners are third-party firms that help market and sell a company's products or services, acting as an indirect sales force.

Channel Partners

Single Sign-On (SSO)

Single Sign-On (SSO) is an authentication method allowing users to access multiple applications with one set of login credentials.

Single Sign-On (SSO)

Decision Buying Stage

The decision stage is where a well-researched buyer chooses a vendor. They compare specific products and pricing before making their final purchase.

Decision Buying Stage

Load Testing

Load testing is a type of performance testing that determines how a system behaves under both normal and anticipated peak load conditions.

Load Testing

CDP

A Customer Data Platform (CDP) is software that gathers and organizes customer data from various touchpoints into a single, unified profile.

CDP

Batch Processing

Learn about batch processing, including benefits of batch processing, best practices for implementation, & common use cases.

Batch Processing

Mobile Compatibility

Mobile compatibility ensures your site or app works flawlessly on mobile devices, like smartphones and tablets, for a seamless user experience.

Mobile Compatibility

Gone Dark

Going dark is when a once-responsive prospect suddenly stops all communication, leaving you wondering what went wrong.

Gone Dark

Cost Per Impression

Cost Per Impression (CPI) is the price an advertiser pays for each time their ad is displayed to a user, irrespective of clicks.

Cost Per Impression

On-premise CRM

An on-premise CRM is a system hosted on a company's own servers, offering complete control over data, security, and system maintenance.

On-premise CRM

Ad-hoc Reporting

Ad-hoc reporting is the creation of one-off reports to answer specific business questions as they arise, providing instant, targeted insights.

Ad-hoc Reporting

Voice Search Optimization

Voice search optimization is the process of optimizing your content, SEO, and online listings to appear in and rank for voice-based searches.

Voice Search Optimization

Git

Git is a distributed version control system that tracks changes in code, allowing developers to collaborate and manage project history effectively.

Git

Omnichannel Marketing

Omnichannel marketing creates a seamless, unified customer experience by integrating a company's various communication and sales channels.

Omnichannel Marketing

Conversion Rate

Conversion rate is the percentage of visitors who complete a desired goal, like a purchase or sign-up, out of the total number of visitors.

Conversion Rate

GPCTBA/C&I

GPCTBA/C&I is a sales qualification framework for understanding a prospect's goals, plans, challenges, timeline, budget, and authority.

GPCTBA/C&I

Below the Line

Learn about below the line, including key strategies for below the line marketing, & distinguishing above and below the line tactics.

Below the Line

Signaling

Signaling is using credible actions to convey information about quality or intent to a less-informed party, effectively building trust.

Signaling

Challenger Sales

The Challenger Sales model is a methodology where reps teach prospects, tailor their pitch, and take control of the sales conversation.

Challenger Sales

Small to Medium-Sized Business

A small to medium-sized business (SMB) is a company whose employee count and annual revenue fall below certain industry-specific thresholds.

Small to Medium-Sized Business

Ramp Up Time

Ramp-up time is the period a new hire takes to get fully up to speed and become a productive member of your go-to-market team.

Ramp Up Time

Single Page Applications

A Single Page Application (SPA) is a web app that interacts with the user by dynamically rewriting the current page rather than loading new pages.

Single Page Applications

Buyer Journey

The buyer journey maps the path a potential customer takes, from first learning about a product to the final decision to buy.

Buyer Journey

B2B Demand Generation

Learn about B2B demand generation, including strategies for effective B2B demand generation, & key components of a demand generation program.

B2B Demand Generation

Pipeline Management

Pipeline management is the process of tracking and managing potential customers as they move through the different stages of your sales process.

Pipeline Management

Data Warehousing

Data warehousing is the process of storing and managing large sets of data from various sources for business intelligence and reporting purposes.

Data Warehousing

Champion/Challenger Test

A Champion/Challenger test pits a new 'challenger' against the current best-performing 'champion' to see which one performs better.

Champion/Challenger Test

Yield Management

Yield management is a dynamic pricing strategy that adjusts prices based on demand to maximize revenue from a fixed, perishable inventory.

Yield Management

Revenue Operations KPIs

Revenue Operations KPIs are quantifiable metrics that track the performance, efficiency, and health of a company's revenue-generating engine.

Revenue Operations KPIs

Consumer Buying Behavior

Consumer buying behavior is the study of how individuals select, buy, and use products and services to satisfy their needs and desires.

Consumer Buying Behavior

Accounts Payable

Accounts Payable (AP) is the money a company owes its suppliers for goods or services bought on credit. It's listed as a current liability.

Accounts Payable

X-Sell

X-Sell, or cross-selling, is a sales strategy of selling additional, related products or services to an existing customer base.

X-Sell

Request for Information

A Request for Information (RFI) is a formal process for gathering information from potential suppliers before issuing a more detailed proposal.

Request for Information

Horizontal Market

A horizontal market is one where a product or service is designed to meet a common need for a wide array of customers, regardless of their industry.

Horizontal Market

Sales Quota

A sales quota is a time-bound sales goal for a rep or team, measured in revenue or units sold, to be met within a specific period.

Sales Quota

Email Engagement

Email engagement measures how your audience interacts with your emails. It includes key actions like opens, clicks, replies, and forwards.

Email Engagement

Net New Business

Net new business is revenue from customers who have never purchased from your company before. It’s a crucial indicator of sustainable growth.

Net New Business

Operational CRM

An Operational CRM is a system that automates and improves customer-facing business processes like sales, marketing, and customer service.

Operational CRM

Target Account List

A Target Account List (TAL) is a focused list of high-value companies that a business specifically aims to convert into customers.

Target Account List

Open Rate

The open rate is the percentage of recipients who opened an email. It's a primary indicator of a subject line's effectiveness.

Open Rate

Buying Cycle

The buying cycle is the journey a customer takes from first realizing they have a need to making the final purchase decision.

Buying Cycle

Sales Bundle

A sales bundle groups multiple products or services into a single offering, often at a discounted price to provide greater value to customers.

Sales Bundle

Sales Forecast Accuracy

Sales forecast accuracy is a key metric that compares your predicted sales revenue against the actual sales revenue you ultimately achieve.

Sales Forecast Accuracy

Positioning Statement

A positioning statement is a concise description of your target market and how your product or service uniquely fills their needs.

Positioning Statement

Payment Gateways

A payment gateway is a service that authorizes and processes payments for businesses, acting as a secure link between the customer and the merchant.

Payment Gateways

Brand Equity

Learn about brand equity, including understanding its importance, building strong brand equity, measuring brand equity, & real-world applications.

Brand Equity

Electronic Signatures

An electronic signature is a digital method for getting consent on electronic documents. It's a legally binding way to sign agreements online.

Electronic Signatures

Total Audience Measurement

Total Audience Measurement (TAM) provides a holistic view of content consumption, tracking viewership across all platforms and devices.

Total Audience Measurement

Canary Releases

A canary release is a deployment strategy where new software is rolled out to a small user group first, minimizing risk before a full release.

Canary Releases

Demand

Demand is the economic principle describing a consumer's desire and willingness to purchase a specific good or service at a particular price.

Demand

Serverless Computing

Serverless computing is a cloud model where the provider manages servers, so developers can focus on code without worrying about infrastructure.

Serverless Computing

Average Customer Life

Average Customer Life is the average time someone remains a customer. It's a key metric for predicting revenue and measuring customer loyalty.

Average Customer Life

Customer Retention Cost

Customer Retention Cost (CRC) is the total amount a company spends to keep an existing customer over a certain period of time.

Customer Retention Cost

Customer Lifetime Value

Customer Lifetime Value (CLV) is the total revenue a business expects from a customer throughout their entire relationship with the company.

Customer Lifetime Value

Sales Development Representative (SDR)

A Sales Development Representative (SDR) is a sales specialist who finds and qualifies new leads, building a pipeline for the sales team.

Sales Development Representative (SDR)

Enterprise Resource Planning

Enterprise Resource Planning (ERP) is a system of integrated software that businesses use to manage and automate their core day-to-day processes.

Enterprise Resource Planning

Cloud-based CRM

A cloud-based CRM is a customer relationship management tool hosted online, letting teams access and manage customer data from anywhere.

Cloud-based CRM

End of Quarter

“End of Quarter” (EOQ) refers to the final weeks of a business quarter when sales teams rush to meet quotas, often leading to a flurry of deals.

End of Quarter

Customer Retention Rate

Customer Retention Rate (CRR) is the metric that measures the percentage of customers a company has kept over a specific period of time.

Customer Retention Rate

Real-time Data Processing

Real-time data processing is the method of analyzing data the instant it's generated, enabling immediate actions and decision-making.

Real-time Data Processing

Customer Lifecycle

The customer lifecycle is the journey a person takes from first becoming aware of your brand to becoming a loyal, repeat customer.

Customer Lifecycle

Key Performance Indicators

Key Performance Indicators (KPIs) are measurable values that demonstrate how effectively a company is achieving its key business objectives.

Key Performance Indicators

Pain Point

A pain point is a specific, recurring problem your target customers face, causing them frustration, inefficiency, or added costs.

Pain Point

Trigger Marketing

Trigger marketing uses customer actions or events to automatically send highly relevant, personalized messages at the perfect moment.

Trigger Marketing

Demand Forecasting

Demand forecasting is the process of predicting future customer demand for a product or service based on historical data and market trends.

Demand Forecasting

Customer Centricity

Customer centricity is a business approach that puts the customer at the heart of every decision, aiming to build loyalty and long-term value.

Customer Centricity

Revenue Forecasting

Revenue forecasting is the process of estimating a company's future revenue, using historical data and market trends to guide strategic planning.

Revenue Forecasting

Sales Kickoff

A sales kickoff (SKO) is an annual event for a sales team to celebrate wins, align on goals, and get motivated for the upcoming year.

Sales Kickoff

Application Programming Interface

An Application Programming Interface (API) is a set of rules that lets different software applications talk to each other and share information.

Application Programming Interface

Lead Routing

Lead routing is the automated process of distributing incoming leads to the right sales reps based on predefined criteria.

Lead Routing

Intent-Based Leads

Intent-based leads are potential customers whose online actions—like searches or content engagement—signal a clear interest in buying a solution.

Intent-Based Leads

Smarketing

Smarketing is the process of aligning your sales and marketing teams. This integration focuses on shared goals to improve lead quality and drive revenue.

Smarketing

Email Personalization

Email personalization uses subscriber data—like their name, interests, or past behavior—to create highly relevant and targeted email campaigns.

Email Personalization

Direct Sales

Direct sales involves selling products directly to consumers in a non-retail setting, such as at home, online, or person-to-person.

Direct Sales

Deal Closing

Deal closing is the final step in a sales cycle. It's when a prospect signs a contract and officially converts into a paying customer.

Deal Closing

API

An API (Application Programming Interface) is a software intermediary that allows two applications to talk to each other and exchange information.

API

Lead Magnet

A lead magnet is a free incentive offered to potential customers in exchange for their contact details, like an email, to generate sales leads.

Lead Magnet

Account-Based Analytics

Account-Based Analytics measures engagement and impact across target accounts, not just individual leads, to guide B2B sales and marketing efforts.

Account-Based Analytics

SDK

A Software Development Kit (SDK) is a set of tools that allows developers to create applications for a specific software package or platform.

SDK

Jobs to Be Done Framework

The Jobs to Be Done (JTBD) framework focuses on understanding customer needs by identifying the specific 'job' they are trying to accomplish.

Jobs to Be Done Framework

Copyright Compliance

Copyright compliance is adhering to laws that protect creative works. It involves legally using content by obtaining permission or licenses.

Copyright Compliance

Virtual Selling

Virtual selling is the process of selling to customers remotely using technology like video calls, rather than meeting them in person.

Virtual Selling

Account-Based Marketing Software

Account-Based Marketing (ABM) software helps teams coordinate personalized marketing and sales efforts to land high-value customer accounts.

Account-Based Marketing Software

User-generated Content

User-generated content (UGC) refers to any form of content, like images, videos, or text, created and shared by users on online platforms.

User-generated Content

Revenue Operations (RevOps)

Revenue Operations (RevOps) is a business function that aligns a company's sales, marketing, and customer service teams to drive predictable revenue.

Revenue Operations (RevOps)

Social Proof

Social proof is a psychological phenomenon where people assume the actions of others reflect correct behavior for a given situation.

Social Proof

Marketing Automation Platform

A marketing automation platform is software that automates marketing actions. It helps manage tasks like email campaigns and lead nurturing.

Marketing Automation Platform

Sales Territory

A sales territory is a specific group of customers or a geographic area that a salesperson or sales team is responsible for managing.

Sales Territory

Digital Analytics

Digital analytics is the analysis of data from digital channels to understand user behavior and optimize online experiences for business goals.

Digital Analytics

Business Intelligence

Learn about business intelligence, including key components of business intelligence, the role of BI in decision making, business intelligence tools and techniques.

Business Intelligence

Spiff

A spiff is a short-term sales incentive, often a cash bonus, paid directly to a salesperson for selling a specific product or service.

Spiff

Sales Funnel Metrics

Sales funnel metrics are key data points that track how effectively you're moving potential customers from awareness to a final purchase.

Sales Funnel Metrics

Call for Proposal

A Call for Proposal (CFP) is a document that solicits proposals, often through a bidding process, for a specific project or service.

Call for Proposal