BPR aims to fundamentally redesign business processes to achieve dramatic improvements in critical performance metrics like cost, quality, and service. It focuses on cross-functional processes rather than individual tasks. The 7 steps of BPR include identifying processes for redesign, understanding their current state, defining new processes, designing and building a prototype, implementing the new process, evaluating, and refining for continuous improvement. Key success factors include management commitment, effective communication, and realistic goals while addressing potential resistance to change.