If you asked me a while back what BPM stood for I would've said beats per minute. If you asked me to guess again I would've said Bataafse Petroleum Maatschappij, a Dutch oil company. Joke!
Business Process Management is the means by which companies automate their business by modeling, measuring, and optimizing processes. IBM and Oracle are big players in this market but everybody is chasing smaller companies like Pega and Appian.
You can read all about this product at redhat.com.