In order to be successful, enterprises have to adapt quickly to new opportunities and threats. They have to take smart decisions and execute fast. Innovation and agility become main success factors. The Management of Process Excellence (MPE) is a key enabler. It leads to a functioning “real-time enterprise”. MPE links enterprise strategy with people and technology for the highest operational performance. Technologies such as Service Oriented Architectures (SOA) or the Web 2.0 support this approach. Knowledge assets such as reference models increase productivity again. The resulting next generation enterprise is ready for long-term success. This chapter discusses MPE, an approach to achieve agility and innovation through Business Process Management. It describes the relation between process management and innovation and how next-generation process automation can support that effort. Finally, an appropriate process governance approach for MPE is presented.