Process lifecycle management is an integrated approach to managing the entire lifecycle of a process, from its conception and design, to execution, monitoring, and optimization, and its eventual retirement or replacement. This approach involves leveraging technology such as process automation, Business Process Management (BPM) software, and data analytics to streamline operations, improve productivity, reduce costs, and ensure compliance with regulatory requirements.
For instance, insurance companies need to manage multiple processes, such as policy issuance, claims processing, and underwriting. They can automate and streamline the workflow of these processes by implementing a process lifecycle management solution, from initial data capture to final pay-out or settlement.