Workflow

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.

BREAKING DOWN '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.

RELATED TERMS
  1. Accountant In Charge

    The person responsible for personnel and assigning the tasks ...
  2. Business Logic

    Custom rules or algorithms that handle the exchange of information ...
  3. Brokerage Supervisor

    A brokerage company employee who appoints, trains and manages ...
  4. Project Management

    The planning and organization of an organization's resources ...
  5. Triage

    A process-management term predominantly seen in hospital and ...
  6. Sequential Growth

    A measure of a company's short-term financial performance that ...
Related Articles
  1. Retirement

    Ready to Retire? Here's How to Sell and Close Your Small Business

    Learn the essential steps to prepare to sell your business with the best possible outcome, a secure retirement for you and your family.
  2. Investing

    A Guide To The Six Sigma Green Belt

    Curious about the Six Sigma Green Belt? Here's what you need to know.
  3. Financial Advisor

    What Advisors Most Want for Their Firms in 2016

    A new study shows financial advisors' top New Year's resolutions for 2016. Do yours — or those of your own advisor — align with this list?
  4. Investing

    What's Involved in Quality Management?

    Essentially, quality management entails overseeing all activities and tasks needed to maintain excellence.
  5. Markets

    How Lean Six Sigma Works

    Based on both lean management and Six Sigma, Lean Six Sigma helps companies create a management system that promotes perfection through efficiency.
  6. Personal Finance

    Steps to Qualify For a Small Business Loan

    Learn steps to qualify for a small business loan such as identifying financing needs, preparing a business plan and getting required documents.
  7. Financial Advisor

    7 Popular Software Programs for Portfolio Managers

    For retail investors and money managers, portfolio management software makes life easier. Here are synopses of seven popular programs.
  8. Financial Advisor

    MoneyProGuide: A Peek at the New Version

    MoneyGuidePro has become one of the most popular software systems for financial advisors. Here's a quick look at the product's latest iteration.
  9. Financial Advisor

    How to Find Red Flags with Potential Clients

    In an effort to avoid dealing with badly-matched clients, advisors can deploy tech solutions that effectively screen leads. Here are two such programs.
  10. Personal Finance

    Get Approved for a Mortgage in an Hour

    The traditional mortgage approval process takes 2-4 weeks, but tech companies have reduced the time to get approved for a mortgage to less than one hour.
RELATED FAQS
  1. What is operations management theory and how can it help a business?

    Discover the aspects that make up historical and modern operations management theory, and find out how they can be used to ... Read Answer >>
  2. What is the difference between Lean Six Sigma and Six Sigma?

    Learn the differences between Six Sigma and Lean Six Sigma. These Kaizen philosophies streamline business processes to increase ... Read Answer >>
  3. What are the most important steps in the accounting cycle?

    Understand the steps in the accounting cycle. Learn about each of the eight steps in the accounting cycle and why each one ... Read Answer >>
  4. What would happen if you tried to skip steps in the accounting cycle?

    Understand what would happen if a company or accounting department tried to skip steps in the accounting cycle. Learn why ... Read Answer >>
  5. What is the best software for calculating trial balances?

    Learn why a detailed trial balance report is crucial to any business and why standalone software may provide better results ... Read Answer >>
  6. How can I calculate funds from operation in Excel?

    Understand how the terms ''work in progress'' and ''work in process'' are used interchangeably to refer to items in the middle ... Read Answer >>
Hot Definitions
  1. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  2. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  3. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  4. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  5. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  6. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
Trading Center