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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Proof of Concept

A Proof of Concept (PoC) is a small exercise to test whether a business idea or project is technically feasible and has real-world potential.

Proof of Concept

Net 30

Net 30 is a common payment term where a client has 30 calendar days from the invoice date to pay for goods or services in full.

Net 30

B2B Data Platform

Learn about B2B data platform, including key benefits of B2B data platforms, choosing the right B2B data platform, challenges in implementing B2B data platforms.

B2B Data Platform

Digital Contracts

Digital contracts are legally binding agreements created, signed, and stored electronically, offering a faster, more secure alternative to paper.

Digital Contracts

Sales Pipeline Velocity Formula

Learn about sales pipeline velocity formula, including calculating your sales pipeline velocity, & key components of pipeline velocity.

Sales Pipeline Velocity Formula

Annual Recurring Revenue (ARR)

Annual Recurring Revenue (ARR) is the predictable income a company expects to receive from its customers over a one-year period.

Annual Recurring Revenue (ARR)

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

Brag Book

Learn about brag book, including crafting your outstanding brag book, essential components of a brag book, & brag book vs. resume: unveiling the differences.

Brag Book

B2B Intent Data Providers

Learn about B2B intent data providers, including evaluating intent data quality, leveraging intent data for growth, & B2B intent data: key providers comparison.

B2B Intent Data Providers

Generic Keywords

Generic keywords are broad search terms that lack specific details like brand or location. They attract a wide audience with less specific intent.

Generic Keywords

Kanban

Kanban is a visual project management method that uses a board to visualize workflow, limit work-in-progress, and maximize team efficiency.

Kanban

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

Sales Enablement Platform

Learn about sales enablement platform, including key features of sales enablement platforms, & selecting the right sales enablement platform.

Sales Enablement Platform

Sales Workflows

Learn about sales workflows, including designing optimal sales workflows, & key components of effective sales workflows.

Sales Workflows

Knowledge Base

A knowledge base is a self-serve online library of information about a product, service, department, or topic.

Knowledge Base

Challenger Sales Model

The Challenger Sales Model is a sales approach where reps challenge a customer's thinking by teaching, tailoring, and taking control of the sale.

Challenger Sales Model

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

Customer Retention

Customer retention refers to the strategies and activities a company uses to prevent customer churn and encourage them to continue buying.

Customer Retention

Voice Search Optimization

Learn about voice search optimization, including how to implement voice search optimization, & benefits of voice search optimization.

Voice Search Optimization

Marketing Play

A marketing play is a repeatable tactic used to achieve a specific marketing goal, like generating leads or driving engagement.

Marketing Play

Bad Leads

Learn about bad leads, including identifying bad leads, warning signs of bad leads, impact of bad leads on sales, & strategies to minimize bad leads.

Bad Leads

Lead Enrichment Software

Lead enrichment software adds crucial data to your leads, like contact info and firmographics, to help you better understand and engage them.

Lead Enrichment Software

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

Account-Based Marketing

Account-Based Marketing (ABM) is a focused B2B strategy where marketing and sales collaborate to target and convert high-value accounts.

Account-Based Marketing

Sales Territory Management

Learn about sales territory management, including strategies for effective territory management, & key benefits of optimizing territories.

Sales Territory Management

Lead Nurturing

Lead nurturing is the process of developing and reinforcing relationships with buyers at every stage of the sales funnel.

Lead Nurturing

Marketing Performance

Marketing performance is the process of measuring a campaign's effectiveness against set goals using key metrics like ROI and conversion rates.

Marketing Performance

CPQ software

CPQ (Configure, Price, Quote) software is a sales tool for creating accurate, configurable quotes for complex products and services.

CPQ software

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

Edge Locations

Edge locations are globally distributed data centers that cache content close to users, reducing latency and delivering web content much faster.

Edge Locations

Internal signals

Internal signals are data points from your own systems, like website visits or product usage, that indicate a customer's buying intent.

Internal signals

Sales Partnerships

Learn about sales partnerships, including building effective sales partnerships, types of sales partnership models, benefits of cultivating sales partnership.

Sales Partnerships

Sales Engineer

Learn about sales engineer, including roles and responsibilities of a sales engineer, & becoming a successful sales engineer.

Sales Engineer

Representational State Transfer Application Programming Interface

A Representational State Transfer (REST) API is a web service that uses a simple, stateless architecture for systems to communicate online.

Representational State Transfer Application Programming Interface

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

Average Revenue per Account

Average Revenue per Account (ARPA) is the average revenue generated from each customer account, usually measured on a monthly or annual basis.

Average Revenue per Account

Lead List

A lead list is a curated database of potential customers (leads) with contact information and other key data for sales and marketing outreach.

Lead List

Contract Management

Contract management is the process of creating, executing, and analyzing contracts to maximize performance and minimize financial risk.

Contract Management

Trade Shows

Learn about trade shows, including maximizing your trade show impact, & trade show vs. virtual expos: understanding the difference.

Trade Shows

Sales Velocity

Learn about sales velocity, including calculating sales velocity, key drivers of sales velocity, boosting your sales velocity, and sales velocity vs. sales v.

Sales Velocity

B2B Intent Data

Learn about B2B intent data, including how B2B intent data enhances sales strategies, sources of B2B intent data, leveraging B2B intent data for competitiveness.

B2B Intent Data

Performance Plan

A performance plan is a formal document outlining an employee's goals, expectations, and metrics for success over a specific period.

Performance Plan

Letter of Intent

A Letter of Intent (LOI) is a document declaring the preliminary commitment of one party to do business with another, outlining the chief terms.

Letter of Intent

Personalization in Sales

Personalization in sales means tailoring outreach to a prospect's specific needs, interests, and context to make communication more relevant.

Personalization in Sales

Account View Through Rate

Account View-Through Rate (AVTR) is the percentage of target accounts that see an ad and later visit your website without clicking on it.

Account View Through Rate

Call Analytics

Call analytics is the practice of analyzing phone call data to extract insights, track key metrics, and improve overall business performance.

Call Analytics

Lead Generation

Lead generation is the process of identifying and cultivating potential customers for a business's products or services.

Lead Generation

Day Sales Outstanding

Day Sales Outstanding (DSO) is a financial ratio that shows the average number of days it takes for a company to receive payment for a sale.

Day Sales Outstanding

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

Firewall

A firewall is a digital barrier that protects a network by monitoring and controlling traffic, blocking unauthorized access and malicious content.

Firewall

Lead Response Time

Lead response time is the duration between a potential customer showing interest and your team's first point of contact with them.

Lead Response Time

Vertical Market

Learn about vertical market, including identifying your vertical market, advantages of targeting vertical markets, & vertical vs. horizontal markets.

Vertical Market

Agile Methodology

Agile methodology is an iterative approach to project management and software development, focusing on delivering value in small, incremental steps.

Agile Methodology

Data-Driven Marketing

Data-driven marketing uses customer data to inform marketing decisions, optimize campaigns, and deliver personalized experiences to consumers.

Data-Driven Marketing

Functional Testing

Functional testing verifies that software performs its intended functions as specified in the requirements, ensuring it works as users expect.

Functional Testing

Value Statement

Learn about value statement, including crafting your value statement, key components of a value statement, & value statements vs. mission statements.

Value Statement

Data Mining

Data mining is the process of discovering patterns, trends, and useful information from large datasets to make better business decisions.

Data Mining

Competitive Landscape

A competitive landscape is an analysis of your direct and indirect competitors, revealing their strengths, weaknesses, and market positioning.

Competitive Landscape

Order Management

Order management is the end-to-end process of tracking customer orders from placement to fulfillment, ensuring a seamless customer experience.

Order Management

Real-time Data

Real-time data is information processed and made available almost instantaneously, enabling immediate analysis and decision-making.

Real-time Data

Competitive Analysis

Competitive analysis means identifying your rivals and assessing their strategies to pinpoint your own business's strengths and weaknesses.

Competitive Analysis

Website Visitor Tracking

Learn about website visitor tracking, including benefits of website visitor tracking, key metrics to monitor, & implementing visitor tracking ethically.

Website Visitor Tracking

Email Cadence

An email cadence is a scheduled sequence of emails sent to prospects over a specific period to nurture leads and drive engagement.

Email Cadence

Dark Funnel

The Dark Funnel describes customer buying activities that are untrackable by companies, such as private chats and word-of-mouth referrals.

Dark Funnel

Predictive Lead Generation

Predictive lead generation uses data and AI to find prospects most likely to buy, helping teams focus their efforts on high-value leads.

Predictive Lead Generation

CDP

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

CDP

Scalability

Learn about scalability, including understanding scalability in business, benefits of scalability, & key elements of scalability.

Scalability

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

X-Sell

Learn about X-sell, including benefits of X-selling, strategies for successful X-selling, & X-sell vs. up-sell: understanding the difference.

X-Sell

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

Artificial Intelligence in Sales

AI in sales uses smart technology to automate repetitive tasks, analyze customer data, and help sales reps close deals more efficiently.

Artificial Intelligence in Sales

Account Development Representative

An Account Development Representative (ADR) identifies and qualifies new business opportunities, creating a pipeline for account executives.

Account Development Representative

Sales Qualified Lead

Learn about sales qualified lead, including identifying sales qualified leads, criteria for sales qualified lead, transitioning leads to sales qualified s.

Sales Qualified Lead

Request for Quotation

A Request for Quotation (RFQ) is a document that a company sends to one or more suppliers to get a quote for specific products or services.

Request for Quotation

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

Omnichannel Sales

Omnichannel sales is a strategy that integrates all physical and digital sales channels to create a seamless, unified customer experience.

Omnichannel Sales

Infrastructure as a Service

Infrastructure as a Service (IaaS) is a cloud computing service that offers essential compute, storage, and networking resources on-demand.

Infrastructure as a Service

Sales Coach

A sales coach is a mentor who trains and guides sales reps to enhance their skills, boost performance, and ultimately close more deals effectively.

Sales Coach

Customer Data Management (CDM)

Customer Data Management (CDM) is the process of collecting, organizing, and analyzing customer data to create a unified view of your audience.

Customer Data Management (CDM)

FAB Technique

The FAB technique is a sales framework connecting product features to advantages and then to the specific benefits for the customer.

FAB Technique

Digital Rights Management

Digital Rights Management (DRM) is technology that controls access to copyrighted digital content, restricting its use, modification, and distribution.

Digital Rights Management

Email Verification

Email verification is the process of confirming that an email address is valid and deliverable, which helps improve campaign performance.

Email Verification

Marketing Attribution

Marketing attribution is the process of identifying which touchpoints contribute to a conversion and assigning value to each of them.

Marketing Attribution

Outbound Sales

Outbound sales is when reps proactively contact potential customers through cold calls or emails to generate leads and build a sales pipeline.

Outbound Sales

Field Sales Rep

A field sales representative, or outside sales rep, travels to meet prospects in person, selling products or services directly within their territory.

Field Sales Rep

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

Buyer Intent

Learn about buyer intent, including understanding buyer intent signals, strategies to capture buyer intent, & buyer intent vs. customer interest.

Buyer Intent

Salesforce Administrator

Learn about salesforce administrator, including the role of a salesforce administrator, & key responsibilities of salesforce administrators.

Salesforce Administrator

Consultative Selling

Consultative selling is an approach where salespeople act as expert advisors, diagnosing customer needs to provide the most suitable solutions.

Consultative Selling

Expansion Revenue

Expansion revenue is the extra money a business makes from its current customers via upgrades, new products, or additional services.

Expansion Revenue

Awareness Buying Stage

The awareness stage is the first step in the buyer's journey, where a potential customer realizes they have a problem or an opportunity to explore.

Awareness Buying Stage

Messaging Strategy

A messaging strategy defines what your brand says, how it says it, and where it says it to connect effectively with your target audience.

Messaging Strategy

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

Account-Based Sales

Account-Based Sales (ABS) is a focused B2B strategy where sales and marketing teams treat high-value accounts as individual markets of one.

Account-Based Sales

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

User Interface

Learn about user interface, including designing an effective user interface, key elements of user interface, & user interface vs. user experience.

User Interface

Break-Even

Learn about break-even, including calculating your break-even point, importance of break-even analysis, & break-even analysis vs. profit margins.

Break-Even

B2B Data Enrichment

Learn about B2B data enrichment, including benefits of B2B data enrichment, implementing B2B data enrichment strategies, B2B data enrichment vs. data cleaning.

B2B Data Enrichment

Content Rights Management

Content Rights Management involves controlling the use and distribution of copyrighted digital media to protect intellectual property.

Content Rights Management

Spiff

Learn about spiff, including implementing spiff programs effectively, spiff programs vs. standard commissions, & key components of successful spiffs.

Spiff