What is 'process re-engineering'?

Process re-engineering is best defined as the fundamental rethinking and radical redesign of business processes to achieve significant enhancements in performance metrics. This approach involves a fresh examination of how work is done within an organization, leading to dramatic changes rather than small, incremental adjustments.

The focus is on identifying and breaking down the processes that are inefficient or outdated and redesigning them from the ground up. By doing so, companies can substantially improve critical performance indicators, such as cost, quality, service, and speed.

This re-engineering often considers new technologies and innovative practices to create a more efficient workflow that would not be possible through mere incremental changes. As a result, businesses can realize considerable advancements in competitiveness and customer satisfaction.

The other options describe related concepts but do not encapsulate the essence of process re-engineering. Incremental improvements pertain more to continuous improvement initiatives, while using technology primarily focuses on automation rather than comprehensive redesign. Finally, analyzing competitor processes can provide insight, but it does not directly embody the radical approach inherent to re-engineering business processes.