Sure! If you name more than one approver in a step, it's automatically a parallel approval step. There's nothing else you have to do
Plus, depending on what approval type you pick (Regular approval, Consensus, etc.) you have some flexibility in what has to happen to move it to the next step. With Consensus, for instance, everybody has to agree to approve or reject before it leaves that step. With Majority Rule, half plus one have to agree. With a Regular Approval, all have to agree to approve it, any one can kill it. And so on.
You can also create subworkflows (in separate configuration forms) and call those subworkflows into your main workflow in a parallel situation. So, for instance, the three-step "Accounting Review" and the twelve-step "IS Feasibility Determination" subworkflows can both be going on at the same time independent of one another. Oh yeah, and subworkflows can contain other subworkflows (which can, themselves, contain other subworkflows). Up to six levels deep.
Parallel routing? No problem.
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