Business Process Management (BPM) is a term used to describe how a company manages and monitors its workflow processes, how people interact with each other in these processes and how technology is keeping up with the pace of the market. This operational model is slowly replacing the traditional workflow model. BPM is considered a holistic management approach that encourages efficiency and integration of people with technology, thereby improving business processes. It allows for more flexibility and integration than the traditional workflow model, and allows businesses to respond quickly to changing market conditions and customer demands. A strong component of BPM is the constant evaluation, measurement and improvement of the processes, something BPM encourages companies to constantly strive for. By allowing organizations to respond faster to changing market conditions, regulatory demands and consumer trends, BPM adds value to businesses because they can do so faster than their competitors.