Workflow

Filed Under:
Dictionary Says

Definition of 'Workflow'


A series of tasks to produce a desired outcome, usually involving multiple participants and several stages in an organization. Workflow describes the sequential steps that comprise a work process in the business environment. In its most comprehensive form, workflow includes the procedures, people and tools involved in each step of a business process. Workflow may either be sequential, with each step contingent upon completion of the previous one, or parallel, with multiple steps occurring simultaneously.

Investopedia Says

Investopedia explains 'Workflow'


A number of workflow improvement theories have been advanced since the concept was first propounded. These include Six Sigma and total quality management, which have been embraced by organizations around the world.

For example, the manufacturing of a car through various stages on the design, shop floor assembly, to quality verification. Workflow could also include the processing of loan applications by a bank or insurance claims by an insurer, and the editing and production processes at a daily newspaper.

comments powered by Disqus
Hot Definitions
  1. Earnings Call

    A conference call between the management of a public company, analysts, investors and the media to discuss the financial results during a given reporting period such as a quarter or a fiscal year.
  2. Legal Monopoly

    A company that is operating as a monopoly under a government mandate. A legal monopoly offers a specific product or service at a regulated price and can either be independently run and government regulated, or government run and regulated.
  3. Closed-End Fund

    A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange.
  4. Payday Loan

    A type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash.
  5. Securitization

    The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors.
  6. Economic Forecasting

    The process of attempting to predict the future condition of the economy. This involves the use of statistical models utilizing variables sometimes called indicators.
Trading Center