Has been defined as the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical, contemporary measures of performance, such as cost, quality, service, and speed.

Business process re-engineering

Explanation: In simple words, business process re-engineering refers to the process in which  an organisation tries to restructure and change the process or methods of operations for smooth functioning of the business.

  It is modern technique that are used by the firms in the industries which have high competition and are strongly interdependent on other firms in the industry.

answerplace value;